The conservative political organization Club for Growth is urging South Dakota Gov. Kristi Noem to veto a bill that would exclude bitcoin and other cryptocurrencies from the definition of “money” in the state.
The legislation, referred to as HB 1193, would make changes to the state’s Uniform Commercial Code, including defining the term “money” as a medium of exchange that is currently authorized or adopted by a domestic or foreign government.
Club for Growth President David McIntosh called the bill an “assault” on liberty and national security in a letter that was shared with The Block.
“HB 1193 is an assault on the free market, American innovation and ingenuity, individual liberty and U.S. national security and it should be vetoed,” McIntosh said in the letter. “While the bill excludes these decentralized assets, the bill does include as ‘money’ government-controlled Central Bank Digital Currencies … such as China’s Digital Yuan.”
The Republican-majority state Senate passed the bill on Wednesday, sending the legislation to Noem’s desk for a signature.
The Club for Growth has become more vocal on digital asset issues over the last year.
The group launched a pair of crypto-focused super PACs, Bitcoin Freedom PAC and Crypto Freedom PAC, during the 2022 midterm cycle. Super PACs can raise and spend unlimited funds in political races but cannot coordinate directly with campaigns.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.