Gov. Noem VETOES House Bill 1193
PIERRE, S.D. – Yesterday, Governor Kristi Noem VETOED House Bill 1193, which would infringe upon Freedom in digital currency. You can find Governor Noem’s VETO letter here.
“HB 1193 adopts a definition of ‘money’ to specifically exclude cryptocurrencies like Bitcoin, as well as other digital assets. At the same time, these UCC revisions include Central Bank Digital Currencies as money,” wrote Governor Noem in her VETO letter. “By expressly excluding cryptocurrencies as money, it would become more difficult to use cryptocurrency. By needlessly limiting this freedom, HB 1193 would put South Dakota citizens at a business disadvantage.”
Governor Noem has consistently advanced an “Open for Business” approach to the economy, emphasizing individual Freedom and personal responsibility. This extends to the ways in which individuals choose to make transactions in a free-market economy.
“By defining ‘money’ in this proposed way, HB 1193 opens the door to the risk that the federal government could easily adopt a Central Bank Digital Currency, which then may become the only viable digital currency,” continued Governor Noem. “At this moment in time, such a government-backed electronic currency has not been created. It would be imprudent to create regulations governing something that does not yet exist. More importantly, South Dakota should not open the door to a potential future overreach by the federal government.”
Governor Noem has signed 126 bills this legislative session and vetoed 4.
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Boogeyman.
Thank you, Governor Noem! I appreciate your veto of HB 1193, protecting our freedom!
The banking community has a lot of work to do.
Time for them to stop cracking the whip on us and get busy learning to code.
I’m beside myself.
It actually needs to be said.
Stop out-sourcing our banking and communications technology to foreigners.
US Patriots want our currency to evolve to promote American values; God-given freedom, innovation, entrepreneurial risk, family, and humanitarian vision.
Governor Noem rules.
Katie Hobbs drools.
That is all.
Ergo, if this ends-up with Mike in the Governor’s office again, all bets are off unless we can hold a foreign policy plan in our hands, to which he would be accountable.
EB5 and H1B hurt a LOT of American citizens, and the only payoff was death, debt, and lawsuits.
So, what’s the plan this time, Mike?
Big win here for John Dale, Isaac Latteral and Ed Randazzo. 💥 evidently the govs key constituency
it’ll be overridden. take that to the crypto bank.
Not a chance after the previous vote.
well we’ll see.
Anything that could (i know those in favor of this bill say it would never happen), that COULD lead to the government tracking and deciding our purchases is bad policy.
100% I’m truly shocked this passed both chambers. I can only conclude they were fed misinformation and did little research on their own.
Just as likely, most legislators didn’t want to take the time to read this very lengthy bill!
The governor and her advisors know better. A “uniform” act is not some form of federal takeover of state and local governments. As described in comments related to a prior article, uniform acts are comprehensive model statutes that are designed to address commonly occurring transactions and make the results predictable across all of the states (or at least all of the forward-thinking states, except Louisiana).
This is not the state succumbing to federal overreach. The Freedom Caucus and their new ally on the Second Floor should advocate to eliminate the Federal Reserve System as their next brilliant move. Open up a Bank of South Dakota and have it issue its own currency!!! Now that’s some forward thinking (oh, and the Earth is flat – prove otherwise)!
It is clear the Mickelson principle of “good government is good politics” is no longer relevant.
Is there anyone left who gets up in the morning just wanting to do the right thing for the right reasons? Anyone? Bueller? Bueller? Bueller?
Cameron Frye: “Ferris, my father loves this car more than life itself.”
Ferris Bueller: “A man with priorities so far out of whack doesn’t deserve such a fine automobile.”
Above all others, this was a political failure. Listening to some of the proponent testimony, it seemed their entire strategy was credibility. “We’re with the banks/UCC/states, trust us.” This bill is/was too big with far too many consequential provisions for a credibility strategy. The unspoken-translation: “We’re smart, you’re not. Just do what we say.” Democracy is messy, this will get messy, that’s OK, and we’ll likely pass something next year.
I think that stems from them being caught flat-footed and underestimating the idiocy of the conspiracy theorists. They didn’t expect the historically non-controversial update to the UCC to be high-jacked by tin foil hats.
Good point. Trust should not longer be presumed. Breach of Trust has been too long too common.
Look…up in the sky…it’s a bird, it’s a plane…it’s A Flying Pig;.
Or people could read the bill. Obviously Governor didn’t. The veto message has one accurate statement in it. She spelled her name right. Everything else is full bore tinfoil hat conspiracy.
Ok, Led. SHE did spell her name right. That is why she is Governor, not you.
Hey, gotta admit – that can be quite the stretch for her.
And then she goes on Fox, with Tucker Carlson, to explain her Veto. God help us.! There is a difference between governing and pandering. Will the state take bitcoin for tax debt??? Crpyto currency is a fraud on the scale of Bernie Maddow. Nonsense, total nonsense.
madoff.
She’s playing to the national outrage mongers on cable news.
No one who understands the law sees any problem with this bill.
She’s let know-nothingism take over. Sad.
I think this marks the beginning of Julie Auch’s ascension. The governor has let it be known that she is a leader now in the caucus and the future of the house leadership team. Time for others to get out of the way.
This comment made me chuckle.
You mean the Julie (I was for this bill before I was against it) Auch?
Anyone desiring to see her “veto” in a differing light, see Cory’s tale on Dakota Free Press today!
Jake at 9:37… Cory was entertaining as always. But several of the comments were enlightening, and for that I’m grateful for your tip.
‘take’, not ‘tale’–sing loi
I know this is off topic, but related to vetoes, I’m really anxious to see what she does with the tax cut bill. I have been no fan of the removal of sales tax on food, because I think it accomplishes very little. But the bill they passed to reduce the sales tax from 4.5% to 4.2% is a joke. Think about it for a minute — a family that spends $10k on taxable items in any given year, just saved a whopping $30 in taxes. So who benefits the most? Individuals and companies buying vehicles and machinery or paying big money for things like legal and accounting services stand to save the most. The lower end W-2 employee will save peanuts on their purchase of groceries, clothes, and the necessities they routinely buy.
I cant wait for my sales tax reduction! Hell, imma gonna eat cake – and hopefully everyone else joins me! Lets all eat cake!
I’m always skeptical of business and banking legislation that all the right people pressure the rubes to pass. Smacks of the 2008 meltdown that picked a half-dozen banks as “too big to fail,” thus guaranteeing profits and bad behavior in those particular institutions in perpetuity, which then filters throughout the industry. Thank you, no.
Not to mention the early ’80’s when a thousand small farm banks failed and, to protect all us small town rubes from losing our money, the Feds stepped in and bailed us out. How much have taxpayers in other states chipped in for corn and ethanol subsidies in the past 30 years?
If the shoe fits . . .
Yet another brilliant analysis blaming farmers for economic failures. Banks in sparsely populated areas have always lived on the edge because it’s hard to have much diversity in the customer base, so when your main customer had a bad year, the bank had one, too. Similar to what’s led to the Silicon Valley Bank collapse.
Times are hard, friend. Take Dean Wormer’s advice and don’t go through life fat, drunk, and stupid.
Worked on buying 22 failed banks back then. I was born average, hard times made me smart and relatively rich. True though: It’s my own fault I’m fat.
Anonymous at 6:09… I just got around to reading your response, and am now filled with remorse at my flippancy toward you. Please accept my real apology.
Pretty simple calculation really. She gets on tucker if she vetoes the bill. If she doesn’t she doesn’t. Until the next faux outrage, but who has time for that. There is no depth of thought in this decision. She didn’t even say correctly on tucker what the UCC acronym stands for.
Cliff Hadley @ 8:50 am and Anonymous @ 9:23 am — Double Bingo!
My Governor!
Please veto. The Leg will have to scramble on veto day