South Dakota Gov's Veto of Cryptocurrency Regulations Upheld
On March 29, 2021, South Dakota Governor Kristi Noem vetoed a bill that would have regulated cryptocurrency in the state. The bill, known as House Bill 1215, aimed to require cryptocurrency exchanges to obtain a license from the state and comply with certain reporting and record-keeping requirements.
However, Governor Noem argued that the bill was too broad and could have unintended consequences for innovation and economic growth in the state. She also expressed concerns about the potential for the bill to create unnecessary regulatory burdens for businesses.
Despite the veto, the South Dakota legislature attempted to override it. However, on April 19, 2021, the override attempt failed to receive the necessary two-thirds majority vote in the state Senate.
The decision to uphold the veto was welcomed by cryptocurrency advocates, who argued that the bill would have stifled innovation and hindered the growth of the industry in South Dakota. They also pointed out that other states, such as Wyoming, have taken a more proactive approach to cryptocurrency regulation, which has attracted businesses and investment to those states.
Overall, the decision by Governor Noem to veto House Bill 1215 and the subsequent failure of the override attempt in the state Senate highlights the ongoing debate over how to regulate cryptocurrency at the state level. While some states are taking a more hands-off approach, others are implementing stricter regulations in an attempt to protect consumers and prevent fraud.
https://www.lifetechnology.com/blogs/life-technology-technology-news/south-dakota-govs-veto-of-cryptocurrency-regulations-upheld
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