SDBA Op-Ed: ‘We Stand on the Facts: HB 1193’
The 98th legislative session is nearly in the books, as only “veto day” remains, Monday, March 27. At the end of session, to our surprise, Governor Noem vetoed HB 1193, “An Act to Amend Provisions of the Uniform Commercial Code (UCC)”. A few persons have cast a cloud of falsehoods claiming this measure does not advance and include certain digital assets and instead sets the stage for a central bank digital currency (CBDC). That simply isn’t true.
The 2022 UCC Amendments were drafted for adoption nationwide, over a three-year period with significant input from cryptocurrency advocates. They provide the commercial law reforms that owners of cryptocurrency have desired, allowing them to do more with these assets to unlock value and create wealth. With these updates, the law gives transactions in digital assets legal certainty. This will allow the cryptocurrency industry an opportunity to thrive in South Dakota and across the United States.