If HB 1193 makes it past the Governor of South Dakota, Kristi Noem, it would successfully exclude Bitcoin and other cryptocurrencies from the definition of money. The state Senate has already passed the bill, where Republicans hold the majority. Club for Growth is seeking Noem’s assistance to veto the bill and not put a signature on it for further advancement.
The appeal has come directly from David McIntosh, the President of the Conservative Club for Growth. He is currently advocating the idea of including cryptocurrencies in the definition of money. It sounds a bit odd, but David justifies this by saying that the bill already includes Central Bank Digital Currencies that the government controls.
David has written a letter to the media in which he calls the move an assault on America’s free market and national security. He has also said that if the bill goes through, it would indirectly raise concerns over the innovative drive of the country while maintaining ingenuity and individual liberty.
HB 1993 modified the Uniform Commercial Code, with the definition of money at the center of the discussion. It is already being defined as a medium of exchange that the government authorizes in the region and across borders. Meaning, excluding cryptocurrencies from the definition takes away everyone’s right to ever use digital currency as a form of payment.
Since 2022, Club for Growth has become more active. It has mostly sided with digital assets to keep the technology-based digital currency from going away. The ultimate goal is to make the US a hub for cryptocurrencies, but moves like these at the state Senate put everything on the back foot.
It is yet to be seen if the decision comes under the influence of the recent crash that the crypto market saw following the FTX crisis. Regulators have been alert enough to check that the offerings of crypto exchanges are neither unregulated nor illegal enough to put everyone in danger. The protection of customers is a priority, and regulators are leaving no stone unturned to keep retail investors on the safe side.
Some initiatives launched by Club for Growth are Bitcoin Freedom PAC and Crypto Freedom PAC, all of which were launched in the previous year with the common objective of advocating the utility of cryptocurrencies. For instance, Super PACs have the potential to raise and spend funds in political races with no limit whatsoever; however, there is a limitation to coordinating with the campaigns.
The mid-term cycle of 2022 saw the Club for Growth become more active. Assuming HB 1193 goes through, it will be right to say that a discussion will be held to spread awareness in a better way so that a conclusion can be reached and rectifications can be done.
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