South Dakota gov’s veto of cryptocurrency regulations upheld

By AMANCAI BIRABEN
Associated Press

South Dakota’s House has failed to override Gov. Kristi Noem’s recent veto of a bill that would have created government regulations for the use of cryptocurrency in the state. A 37-30 vote Monday in the House sustained last week’s veto by Republican Gov. Kristi Noem. She has said adding regulations would take way from South Dakotans’ market freedoms.  Proponents had argued the bill would have centralized different cryptocurrency systems through one government oversight commission, boosting transparency. But opponents saw the proposed regulations as potential government overreach. Six other states have passed the Uniform Commercial Code’s update, which requires tangible records of cryptocurrency exchanges so that they can be considered money.