From the South Dakota Banker’s Association, a good review on why some of the opposition to HB 1193 is misguided …at best:
Before we wrap up this session, I find it imperative to set the record straight and correct the false claims being made regarding HB 1193, “An Act to Amend Provisions of the Uniform Commercial Code (UCC).”
To understand what the bill aims to do, it is important to understand the UCC and its purpose. The UCC is the product of law commissioners from each state who serve together on the Uniform Law Commission (ULC) to develop uniform, model acts, or state laws, for adoption by state legislatures. It is not federal law, nor is it developed by the federal government. Let me be clear, these 2022 amendments to the UCC are drafted by the ULC for adoption in states across the nation, and by doing so, it keeps Congress from imposing federal laws into areas where states should be sovereign.
The UCC serves as the backbone of United States’ commerce, giving all Americans the legal infrastructure necessary to have confidence when conducting business in South Dakota and across state lines. The UCC provides commercial law for broad categories of transactions: the sale or lease of goods, negotiable instruments, bank deposits and collections, funds transfers, letters of credit, documents of title, investment property, and secured transactions in personal property. The UCC has been in place in South Dakota (SD) since the 1960s, and adoption of the UCC by every state has allowed the development of strong interstate markets.
The UCC has been revised in SD and by other state legislatures over the years at the recommendation of the Uniform Law Commission and American Law Institute to reflect the economy’s shift from a largely goods-based economy toward an economy that includes services, software, and information-based transactions. The latest updates, the 2022 amendments, will accommodate and “identify” emerged and emerging technologies such as distributed ledger technology (known as “blockchain”), and artificial intelligence. The amendments were drafted over a multi-year process with many open sessions. These amendments bring the UCC into the digital age by adding a new Article addressing digital assets and providing commercial law rules for the transfer and leveraging of virtual currencies and certain other digital assets. Adoption of the 2022 UCC amendments by all states will bring uniformity and clarity to the current law and allow certainty when transacting business with digital assets across state lines. Nothing in the UCC 2022 amendments prevents anyone from deciding what means of exchange to use or what transactions to enter.
and..
Here are the facts: The opposition to HB 1193 is claiming that the updated UCC is, “…the greatest threat to our personal liberty and privacy we’ve faced in a generation.” This belief is simply untrue and misguided. The UCC establishes interstate commerce, allowing the playing field of the market to remain fair, level, and as South Dakotans can attest, open. Failure to adopt the 2022 amendments jeopardizes South Dakota’s ability to remain competitive in commerce and fair market trade, negating everything we’ve stood for in South Dakota for decades. You can “bank on” the facts, not the political theatre.
If these issues had been brought to the legislature properly…one bill one topic…we wouldn’t be having this discussion. Your article itself describes all the changes in PLURAL…even if it is all good it is at best in violation of parli pro if not the Constitution, and likely to have an immediate and unnecessarily expensive court battle. If brought properly then the issues the opponents are bringing up could have been dealt with individually and the majority of the bill, which most may agree is relevant if not necessary, wouldn’t have been poisoned by the other hundred plus pages.
It’s an update to the UCC, which is one topic.
It is a 100+ page document the 2nd proponent gave testimony to that it’s too long to read and just pass it without amendments. Sounded a little Pelosish to me. We have had numerous discussions regarding out of state entities pushing a national agenda. Listening to committee testimony was very revealing to me and I cannot condone anything that might pave the way for crypto currency.
This is the kind of flippant response that flames the debate.
It defies common sense on a technicality, and assumes the reader is stupid.
For the sake of the future of this state, lets make any corrections necessary and pass the Uniform Commercial Code as expediently and with as little nonsensical discourse as possible, as soon as possible. The business of America is Business. The business of the Republican Party is to protect the interests of the Private Sector. Without the protections of the Uniform Commercial Code, no serious, business minded investor will put a dime into South Dakota business.
“The purpose of business is to make money”
No, it is not.
The purpose of business in the US is to use free access the market to create better products to make human life better.
Money should be a byproduct of thoughtful products.
When this axiom is violated, historically human suffering increases.
Case in point – if it was just about money, foreign fiat banks could pay huge sums of money to overturn the republic and sew chaos and civil war.
It is not about the money.
It is about the value of currency as an information system to empower creative entrepreneurs to solve our problems and be rewarded.
Our system is very, very broken.
The first step to solving that problem is .. knowing.
And knowing ..
Is it true that South Dakota would be the first to pass this bill? And, what is so terrible that ‘s happening right now that we need to accept this 125 page bill that legislators don’t even understand? I think we’re doing quite well right now, thank you. And, what’s the rush if it doesn’t take effect until 2024? Red flags are all over the place here so just slow down and let the friendly state of South Dakota not only be friendly, but smart…. not gullible. I am really hoping for a VETO on this one. Our legislators need to wake up and uphold a possible VETO that might come their way and do the research needed. This affects every person in SD.
It’s being considered all across America as their state legislatures go into session. Most will pass it this year
Those who read it and ask questions, understand. Those chasing crazy conspiracies while wearing tin foil hats, don’t understand it. It is not the most complicated issue we have addressed this year, or any year
We regularly have bills of many pages. The numbers of pages are irrelevant. Legislators should do their work.
It goes into effect next year, but there are many documents and procedures to change to be ready to have South Dakota open for business when it goes into effect in states across America. Being slow is not an attribute for our state
Vetoing a basically bill that’s about having South Dakota open for business would be ignorant
There, I read the bill and answered all your questions. I would encourage you to read the bill too, but it’s not a simple topic.
No it is not a simple topic and therefore I give credence to better qualified individuals that provide testimony in committee hearings and discussions occur. Tone and demeanor and presentation carry weight in addition to ability to speak of such things in layman’s terms. You can either dazzle with brilliance or baffle with bs. Furthermore bringing something of this nature that was created for state legislatures to consider across the country after a third of the legislative session is completed seems odd. Especially with all the effort being placed on expeditious passage without amendment.
I would recommend understanding more about how these systems work.
See “polymorphism” and “extension” and “Software Reuse” and “modularization” and “inheritance” and “Object Oriented Design”.
These things are software utilities to create “polymorphic” opportunities to change what software does presently with little/no changes in the code.
They are useful and good tools in the hands of moral operators.
But, do you feel like big tech and banking are moral operators at the moment?
Big tech sold US Tech workers out to India, Indochina, and The Eastern Block .. we wouldn’t build the thing that you are now installing because we knew it was bad for the country.
When we said, “but if we outsource our jobs, how does the economy work?”, they simply shrugged and played another round of golf, took another ski trip, or put more sex workers on the clock.
South Dakota can lead the way .. to hell.
Or it can lead the way to heaven on Earth.
Looks like we’re choosing the former option …
Thank you governor Noem for the VETO. I am very, very glad to be wrong regarding my last sentence. I had taken the black pill and missed a key point.
Think About It : writes “I’m really hoping for a VETO on this one.” Really. Governor Noem is going to abandon the Banking Community which keeps our farms, small businesses, manufacturers and risk takers alive with their financial skill and innovation?? Pigs will fly before that happens. The Conspiracy Enthusiasts have made life miserable for the medical community and nursing homes. Have your so-called “culture wars” if you must, but leave the Bankers alone.
It’s only the out-of-state depositors who are so concerned with their wealth that they are willing to down-low lock down the state and make a normal American life impossible here.
The banks that actually want to build South Dakota into an independent self sufficient state of the union will be more than welcome to stay for a long time.
Hey, do you mind?
We live here.
This dumb and anti-conservative legislation is getting raked up-and-down over hot coals by conservative commentators across the state.
For good reason.
This is a serious bill and we should talk about what this means for the future of money. Most provisions are understandable and helpful. The UCC comments don’t provide a good justification for the new definition of money. It’s not so much conspiracy as it requires an understanding of what digital currency and block chain really is. Crypto coins, NFTs, etc are verification trails for your money, like a title to your house. Once you withdraw paper currency the government loses the ability to track it. Even now with electronic payments the government doesn’t have the ability to fully track your wealth. Digital currency has the ability to trace your every financial move, to create or recreate a register of every service, item, bet, etc. it allows a central authority to trace wages to donations to gun purchases to you name it. Defining away private crypto currencies like Bitcoin, while not earth shattering today, should encourage us to consider how we protect private parties in commercial transactions, how we protect average consumers, in the future. What matters tomorrow won’t be money, it’ll be who controls access to the block chain.
This bill has nothing to do with the concerns you have about crypto currency tracking by the government. Share with us the section of the bill that helps the government do this tracking!
The UCC sets out the state commercial transaction rules for a business transaction between two willing entities. It’s not about the federal government or any type of government monetary regulatory scheme.
Comments like those above, and legislators got hundreds of them are frustrating – because they aren’t about the bill. They are all about conspiracy claims that have nothing to do with this bill
What should scare you is that there are about 20 legislators that believe those tin foil hat conspiracy claims – and those people are voting on all the bills
That would be misleading. Bill infers approved and accepted currency, which if federal push for crypto continues to fruition…would make it approved and accepted currency.
This bill highlights what’s coming, I’m not saying this bill is the problem. Especially not saying this bill creates a registry. The nature of digital money creates a registry. This bill was assembled with that future in mind, so we should talk about what we do next. That’s all in saying. Is not the tin foil hat theory to refer to, and it can’t be a rubber stamp.
Translation:
“It’s not the cars, silly. It’s the road!”
And yet, both are required for either to have value.
This is “just the tip” talk from Lee.
No.
We are not having political intercourse on this subject.
You shouldn’t have even gotten to first base.
Again, how stupid and uninformed does he think the people of South Dakota have become?
I mean .. they have been listening to Spearfish City Limits since 2014, so that have that going for them, which is nice.
In the Governor’s veto post, she states, “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.”
That’s what I was thinking, but I just couldn’t come up with the right words.
Now let’s leave that bill in the dustbin and see if we can manage with the UCC we now have.
The main concern is crime, I think.
Unless there is a way to prosecute and recover stolen funds, BTC etc are not truly viable except as a means to transact to dollars for those who want to pay in BTC.
Crypto is way before its time, IMHO.
Until a high school graduate can enter the work force and reasonably understand how to build and maintain the computers we’re using, I suspect there will be no better option than the green back.
Guns, eh. ??Yup, Guns.
if you want to bring up guns, let’s do that.
guns are dangerous. they’ve long been the most lethal item a human being can hold and use on other human beings. their ability to be applied as a tool to create and enforce oppression and social control is unquestioned.
our approach to the questions raised by guns, is to 1. RECOGNIZE the danger, 2. presume bad people will get them, and 3. Make sure good people have them in equal or greater amounts.
people who already understand this relationship humans have with gun-danger, should think about how they approach new dangers. you recognize a danger here , but ignore steps 2 and 3 – knowing bad people WILL grab and exploit this thing no matter how we abhor it, and 3 making sure good people dive in, acquire and do good with whatever it is.
I think you are a good person, just misinformed and with a tendency to implicate the biggest loudest thing even thought it’s not nearly as dangerous.
We can agree there is a problem, we just don’t see eye-to-eye on the solution.
I submit to you for review:
On the evening of 14 July 2016, a 19-tonne cargo truck was deliberately driven into crowds of people celebrating Bastille Day on the Promenade des Anglais in Nice, France, resulting in the deaths of 86 people and the injury of 434 others.[4][5] The driver was Mohamed Lahouaiej-Bouhlel, a Tunisian living in France.[6][7] The attack ended following an exchange of gunfire, during which Lahouaiej-Bouhlel was shot and killed by police.
i’m no good, not that it matters. i clearly remember the handwringing and fruitless efforts fifteen years ago when the tea parties were up in arms over SB38 and 43, which put in the large restructuring of the insurance industry. practically no one else in the whole state even cared, a repeal petition evaporated basically, ACA became law and kids and elderly failed to die or grow tentacles out of their heads as a result. forgive me for not feeling the feels you want over this. my point is change is the constant, and you ride it or it rides you.
In surfing, you can’t steer the wave. You ride the wave but you can go left and right, up and down.
I don’t think this issue hinges on an absolute as you suggest.
The point of writing things down like the US Constitution is to freeze and apply our values.
Moral relativism was a dead-end even BC.
With that, you’re shifting the debate a bit ..
Do you agree that it doesn’t make sense to ban automobiles, and that the firearm is not the problem?
Taking guns away will result in more crime, violence, and death.
Always has, always will.
Firearms are a practical and proven deterrent.
Whiskey, on the other hand ..
Perhaps if the explanation was framed in a way that some of the doubters can understand.
Think about all of those TRUMP NFTs that you bought from The Donald. Under the new revisions to the UCC, you would be able to borrow money from a local bank and the bank could hold the NFTs as collateral. Not sure what you could buy and the worth of the collateral, but that’s immaterial. Of course, you, for some reason was stupid enough to fall for his grift.
We are not going to be saved by a financial product.
That said, the concept of NFT’s as a receipt is interesting.
But it will also enable massive theft of property through hacking and fraud.
It is possible to rewrite a block chain and hack the entire community of miners and gatekeepers.
Can’t do that at scale with green backs.
So if I read this right, failure to pass would collapse SD economy?
Collapse? No. Just look like idiots to people who would otherwise invest or do business in South Dakota. And, smart people don’t do business where they question the wisdom of its political leaders as such poorly led states ultimate deteriorate the business climate.
More immediately felt will be anyone who owns digital assets (ala bitcoin) who wants to borrow money secured by those assets but can’t get a loan because the lenders security interest can’t be perfected.
Nice sales pitch, but this feature does not define the system as a whole.
The system was designed primarily to be able to cut-off financial and other resources managed digitally (NFT train tickets, for instance).
Prepare accordingly.
you clearly have no concept of what the UCC is for and who it serves- private business as this is total nonsense regarding this bill: “The system was designed primarily to be able to cut-off financial and other resources managed digitally (NFT train tickets, for instance).”
And, the UCC actually provides protection of private assets from being seized by the IRS or government.
This bill just extends UCC practice regarding private transactions to digital assets.
Well. This didn’t age well.
You are the one who lacks a broader strategic understanding of this initiative.
Making it about the UCC is a red herring.
This is about CBDC and everybody knows it (except you, apparently).
Better to look like an idiot than to actually be an idiot.
Good thing you don’t look like one then.
My comment wasn’t really directed at anyone in particular. It was a general statement that you seem to agree with.
Now, after researching who I am and whether I’m smart or not and after reading everything I’ve written on this threat, I want to be clear.
I want to be crystal clear .. you think I’m an idiot?
I’ll admit I’m ignorant from time-to-time, but idiot?
Really?
“threat” should be “thread”
Repeal the entire UCC it’s socialism 101. Each state should have it’d own set of rules. Not ancentralized federal sey of rules…
Each state adopts their own ucc.
This person understands the sleight of hand that is going on .. South Dakota, after several generations of farmers have been subjected to the socialist agenda and degenerated in their capacity to operate at entry level and then grow, is getting its famous final communist scene.
The big ender-render.
The banger-ranger.
No more annoying ethical and moral people around to ensure the fair distribution of capital (they hope)!
I view this change as the door opening, leather-gloved hand on the nob, everyone in the theater screaming “wake-up!” as the killer tries to silently sneak into the darkness to murder her victim who slumbers.
Don’t fall for the head fakes: naming of the bills and the de-facto reformation of a new global government apparatus in place of our current federated constitutional government (CBDC/Globalism) through alignment of state level government laws and constitutions. It is possible to get to the same evil outcome (communism) via different paths (forcefully/kinetically, softly, or both).
One must pay attention to what can be done with these systems, not merely the value proposals that are floated to get you to adopt them.
Good Afternoon: You’re talking about reverting to the Articles of Confederation. Didn’t work then, won’t work now.
The 2022 Amendments to the UCC have been going through the update/revision process since 2019. This process has been open and in public forums with experts across the country, not by dark of night, as opponents claim. South Dakota is one of 22 states that has introduced this “uniform” measure, with more introductions to follow as states legislative calendars allow.
The Uniform Law Commission protects states’ rights. It allows states to cooperate when uniformity of state law is necessary and keeps Congress from imposing federal law into areas where states should be sovereign.
The South Dakota pro business community thrives by enacting revisions to the UCC. In 2013 the SD legislature passed the amendments to Article 4A governing fund transfers, and in 2012 passed amendments to Article 9 of the UCC which governs secured transactions.
Passing this measure timely, allows the business and legal community to prepare for these updates prior to the July 1, 2024 effective date. With the Governors signature, this measure allows certainty for all commerce in South Dakota and when doing business across state lines.
This is a sound measure and good for South Dakota
It’s a test of the banking community’s ability to act in lock-step counter to the peoples’ movement to decentralize banking (for better or for worse, whether possible or not).
I don’t know why we should believe someone like you Mr. Adam! I mean smart, articulate, well versed on the subject. Why are you even on this thread!!
How many of the bankers in this group are qualified to ferret out the hidden weaponizations and “features” of enterprise technology where banking, crypto, and social/political science meet?
My reading of this bill coupled with knowledge of the technology leads me to believe it was designed by mostly foreigners who want to take over America, who have empowered greedy ususpecting American dolts to usher more tyranny into the country.
They want to make sure there is no freedom in commerce, to install the social credit score system (digital currency with updated features to level-up the capability to generate tyranny), to make sure the government can see and manage every transaction, after which our government will be plugged into a global apparatus that will make economic decisions at-scale.
The East:
We just need to predict demand and match supply then we can command the economy to produce just enough.
The West:
But you can’t make that prediction. There are too many variables.
The East:
Oh yeah? Hold me tea.
The West:
Sure .. be a shame if someone spit in it.
The East:
Okay, we can do it!
The West:
Really?
The East:
Yes, all we have to do is murder 6 billion people.
The West:
I guess this means less Andy Griffith and more Rambo.
I am qualified to give this analysis.
27 years in IT.
Minor CSc
MS MIS
And I have seen every Rambo movie and Andy Griffith Show and I am an expert on the “winning is half the battle” special segments on G.I. Joe.
CBDC is a capstone of globalist agendas to make US Citizens come to heel and dissolve our freedoms because our freedoms make our country insurmountable, but also create on of our weaknesses; openness.
Are you ok?
You mean, like .. am I afraid to go out in public or sign my name to stuff?
Typically, in a dialogue, when you respond it is customary to address the content specifically lest people think you don’t actually understand what was said enough to intelligently respond.
If you didn’t like the pandemic, the shots, the masks, or the lock downs, you will HATE CBDC.