• South Dakota Governor Kristi Noem recently vetoed a bill that would have paved the way for crypto regulation in her state.
• Noem expressed her concern with potential overreach by the federal government, citing that cryptocurrency was designed to be ungovernable and give people access to financial products and services.
• While the House of South Dakota failed to override the veto, there is still speculation about whether or not crypto regulation may come anyway.
Kristi Noem Vetoes Crypto Regulation Bill
South Dakota Governor Kristi Noem recently vetoed a bill that would have paved the way for crypto regulation in her state. The House of South Dakota has failed to override the veto, meaning digital currency legislation will not be making its way into the state anytime soon.
Reasoning Behind Veto
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. Cryptocurrency was initially designed to be ungovernable and give unbanked individuals access to financial products and services without credit history being taken into account. Furthermore, it’s possible that Noem doesn’t want Joe Biden’s administration having more control over people’s financial lives.
Calls for Crypto Regulation After FTX Fall
After FTX fell, many individuals working within the federal government have renewed calls for crypto regulation – though this could be due to bribes from Sam Bankman-Fried who ran FTX exchange before his departure from it. As such, it seems likely these calls are motivated by ulterior motives rather than genuine interest in regulating cryptocurrency markets and exchanges responsibly.
Will Crypto Regulation Come Anyway?
Despite failing votes in favour of overriding Noem’s veto, there is still speculation about whether or not crypto regulation may come anyway – though this remains uncertain at this time given current political tensions between certain levels of government within America related to cryptocurrency assets and activities taking place across national borders.
Conclusion
Overall, while Governor Kristi Noem has successfully vetoed legislation pertaining to crypto regulation in South Dakota thus far, it is unclear what will happen going forward as calls for tighter regulations on digital currencies remain persistent despite opposition from both State and Federal governments alike.