On April 8th, 2021, South Dakota Governor Kristi Noem vetoed a bill that would have excluded cryptocurrencies from the state’s definition of money. The bill, which was passed by the state’s House of Representatives and Senate, would have prevented businesses from accepting cryptocurrencies as payment.
The bill was proposed in response to the growing popularity of cryptocurrencies, such as Bitcoin and Ethereum, as a form of payment. Supporters of the bill argued that cryptocurrencies are too volatile and unpredictable to be used as a form of payment, and that the state should not recognize them as a form of money.
However, Governor Noem disagreed with this assessment. In her veto statement, she argued that the bill would have stifled innovation and hindered economic growth in the state. She also noted that the bill would have put South Dakota at a disadvantage compared to other states that are more welcoming to cryptocurrency payments.
Governor Noem’s decision to veto the bill has been widely praised by cryptocurrency advocates. They argue that the bill would have been a major setback for the industry, and that it would have sent a negative message about the state’s attitude towards cryptocurrencies.
Overall, Governor Noem’s decision to veto the bill was a positive step for the cryptocurrency industry. By rejecting the bill, she has sent a message that South Dakota is open to innovation and is willing to embrace new technologies. This could help attract businesses and investors to the state, and help spur economic growth.
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