The governor of South Dakota, Kristi Noem, rejected a measure that would have excluded digital assets from the legal definition of money, except digital currencies issued by central bank digital currencies (CBDCs).
Noem said in an interview with Tucker Carlson that the law needs to be vetoed because it posed an obvious danger to fundamental liberties.
Noem further states that the federal government may more readily adopt a CBDC, the only viable digital asset under the measure.
“It was marketed as a revision to the UCC’s regulations, with the support of the nation’s banking system. When we began to study the law, we discovered the portion that altered the definition of money. In addition to paving the path for a government-led CBDC, it prohibited all other forms of cryptocurrencies, Bitcoin (BTC), and digital money. Thus, I consider it to be a direct danger to our freedom…
The same language will be implemented in over 20 other states. I think this is to prepare the way for the federal government to control our money and, by extension, the people. It’s being promoted as an update to the UCC’s rules, which should scare people.”
Noem refers to House Bill 1193, which attempts to modify the South Dakota UCC. The measure does not mention CBDCs by name but refers to funds as something that may be “created by an international body.”
“‘Money’ refers to an approved or adopted medium of trade by a local or foreign authority.” A monetary unit of account established by an intergovernmental organization or by agreement between two or more countries.
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