A South Dakota bill takes aim at crypto.
Legislation has been introduced in the American state of South Dakota to amend the Uniform Commercial Code to limit the definition of money to exclude cryptocurrencies. Central bank digital currencies would still be considered money under the proposed new definition.
The 117-page amendment, introduced into the state house of representatives by Republican Mike Stevens,“money” as “a medium of exchange that is currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries.” The bill continued:
“The term does not include an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government.” Notably, CBDC falls within the proposed definition of money, unlike cryptocurrency. It received a sharp reaction from head of the conservative State Freedom Caucasus Network Andy Roth.
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