Gov. Noem Stands Firm: No Crypto Regulation for South Dakota

• South Dakota Governor Kristi Noem recently vetoed a bill that would have allowed digital currency regulations in her state, and the House of South Dakota failed to override the veto.
• Noem said creating regulations for something that does not yet exist would be imprudent and open the door to potential future overreach by the federal government.
• Crypto regulation goes against crypto’s original narrative of providing an accessible alternative to traditional financial products and services, and some believe it is being used as an opportunity for the federal government to gain more control over people’s finances.

Kristi Noem’s Veto Remains in Place

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.

Noem’s Reasoning Behind Her Decision

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 Designed To Be Ungovernable

Cryptocurrency was initially designed to be ungovernable. Digital currencies were built to give individuals who didn’t have access standard financial products or services an opportunity – so long as they had an internet connection and a digital wallet, they could begin purchasing, selling, and trading assets as they saw fit without having their past credit history taken into account.

Concerns Over Federal Government Control

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. There are concerns that this is being used as an opportunity for Joe Biden’s administration – who many believe want more control over people’s finances -to gain more influence under pretext of regulating cryptocurrency. This is especially concerning considering some members of his team accepted bribes from Sam Bankman-Fried (the man tasked with running FTX) prior to its fall from grace.

Will Crypto Regulation Come Anyway?

It remains unclear if any form of cryptocurrency regulation will come about in light of Kristi Noem’s veto remaining in place; however, it appears unlikely given current circumstances surrounding how such laws may potentially lead to increased federal oversight over people’s personal finances which was never intended when cryptocurrencies were first created