During the Friday press conference following the signing, DeSantis accused President Biden's administration of wanting to “crowd out and eliminate other types of digital assets, like cryptocurrency.”
Desantis first announced the bill on March 20 while standing in front of a podium that read “Big Brother’s Digital Dollar.” He said at the time that the creation of a digital dollar would grant “more power” to the government. “You’re opening up a major can of worms and you’re handing a central bank huge, huge amounts of power,” he warned.
DeSantis also highlighted the effect that a CBDC would have on commercial banks, saying that it could “diminish the role of community banks and credit unions in our financial system as CBDC currency would be a direct liability of the Federal government, rather than of a chartered financial institution, shrinking market lending power.”
And on March 9, South Dakota Governor Kristi Noem vetoed House Bill 1193, which aimed to amend her state’s Uniform Commercial Code to exclude digital assets like Bitcoin from the legal definition of money while creating an exception for CBDCs.
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