Not long ago, South Dakota Governor Kristi Noem vetoed a bill that would have paved the way for crypto regulation in her state. It was recently announced that the House of South Dakota has failed to override the veto, and thus digital currency legislation will not be making its way into the state anytime soon. Kristi Noem Is Getting Her Way The bill had initially passed through the legislative branch, though it failed to hold any ground after Noem initiated the veto. The new votes for the bill were 37 to 30. In a statement, Noem commented on why she felt the bill did not present a plausible future for the state of South Dakota. She said: It would be imprudent to create regulations governing something that does not yet exist. More importantly, South Dakota should not
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Not long ago, South Dakota Governor Kristi Noem vetoed a bill that would have paved the way for crypto regulation in her state. It was recently announced that the House of South Dakota has failed to override the veto, and thus digital currency legislation will not be making its way into the state anytime soon.
Kristi Noem Is Getting Her Way
The bill had initially passed through the legislative branch, though it failed to hold any ground after Noem initiated the veto. The new votes for the bill were 37 to 30. In a statement, Noem commented on why she felt the bill did not present a plausible future for the state of South Dakota. She said:
It would be imprudent to create regulations governing something that does not yet exist. More importantly, South Dakota should not open the door to a potential future overreach by the federal government.
There are likely many hidden reasons for the veto, a big one being that cryptocurrency was initially designed to be ungovernable. Digital currencies were built to give the unbanked a chance and to prevent those that couldn’t gain access to standard financial products and services from being turned out in the streets. In other words, it didn’t matter what your past credit history was. So long as you had an internet connection and a digital wallet, you could begin purchasing, selling, and trading assets as you saw fit.
The idea of crypto regulation ultimately goes against this narrative as it would allow government heads to step in and have a say over what people could do with their money. In addition, Noem is also likely not a fan of who’s in charge of the federal government at this time, and thus doesn’t want to give Joe Biden and his nation-hating cronies the chance to have more control over people’s financial lives.
Ever since the fall of FTX, many individuals working within the federal government have renewed calls for crypto regulation. This would all be fine and dandy if you were to ignore the fact that many of them accepted bribes from Sam Bankman-Fried, the man tasked with running the exchange. Now that he’s out of the picture and they’ve gotten the extra money they wanted, they suddenly want to step in and regulate the space. The whole situation feels and looks a bit fishy.
Crypto Regulation… Will It Come Anyway?
The bill’s sponsor – House Republican Hugh Bartels – believes crypto regulation will eventually enter the U.S. within a set period, and he’s not allowing this little setback to bring down his confidence or his mentality. He said in an interview:
The misconception is that this bill is authorizing [a] central bank digital currency. It’s just setting up a way to do business with it.