In a recent revelation, the Club for Growth, a conservative organization with an agenda focused on tax cuts and other economic policy issues, is protesting against a recent decision taken by the Senate of South Dakota.
Sources reveal that the organization is urging Kristi Noem, the governor to veto the 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.
In a letter shared with the media, David McIntosh, President of Club for Growth called the bill an “assault” on liberty and national security. He also explicitly said that while this bil excludes Bitcoin, it continues to include CBDCs as money.
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. 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.
This bill has drawn criticisms from several notable figures including Dennis Porter, founder of Satoshi Fund. He commented on the bill, stating that it could give way to a CBDC, while Andy Roth, President of the State Freedom Caucus Network, warned that it sets a precedent for disallowing Bitcoin in transactions.
The bill currently lies in the governor’s chambers waiting for approval. If approved, it could have a serious impact on the crypto industry. The lawmakers in the US have been divided over the regulation of assets already. While some states like Wyoming, Nevada, Texas, etc have a softer stance other regions like New York have been more cautious.