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A bill filed in the South Carolina Senate would expressly exclude a central bank digital currency (CBDC) from the definition of money in South Carolina, creating potentially significant roadblocks to its use as such in the state.
Sen. Shane Martin filed Senate Bill 861 (S861) on Nov. 30. The legislation defines central bank digital currency as a “digital medium of exchange, or digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system that is made directly available to a consumer by such entities and that is processed or validated directly by such entities.”
Under the South Carolina Uniform Commercial Code (UCC), “money” means “a medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries.”
S861 would add “the term does not include a central bank digital currency” to that definition.
Similar legislation has already been signed as law in Indiana and Florida.
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Rep. James Summers and three cosponsors filed House Bill 1232 (HB1232). The legislation would prohibit any agency, department, or political subdivision of the state from accepting a payment using central bank digital currency. It would also prohibit them from participating in any test of central bank digital currency by any Federal Reserve branch.
The bill is similar to a law passed in Alabama in 2023.
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Like that's had any attention paid to it in the past 100 or so years.The Constitution says it plainly. Article I Section X: Nothing but Gold and Silver shall be money.
Well...severity of the offense. Cost/benefit, if you like. You don't divorce your wife because she burned your toast.Like that's had any attention paid to it in the past 100 or so years.
A bill filed in the Nebraska Legislature would take a small step toward limiting the impact of any potential future central bank digital currency (CBDC).
Sen. Robert Clements introduced Legislature Bill 872 (LB872) on Jan. 3. The legislation would prohibit a state agency, state official, county treasurer, county official, or political subdivision official from accepting a central bank digital currency as a method of cash payment of any tax, levy, excise, duty, custom, toll, interest, penalty, fine, license, fee, or assessment of whatever kind or nature.
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A bill filed in the Utah House would expressly exclude a central bank digital currency (CBDC) from the state’s definition of money, creating potentially significant roadblocks to its use as such in Utah.
Rep. Tyler Clancy introduced House Bill 164 (HB164) on Jan. 4. The legislation defines central bank digital currency as “a digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system, that is made directly available to a consumer by such entities, or processed or validated directly by such entities.”
HB164 would specify that “a central bank digital currency is not specie legal tender and is not legal tender in the state,” effectively excluding CBDC from the state’s definition of money under the state’s Uniform Commercial Code (UCC),
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A bill filed in the South Dakota Senate would expressly exclude a central bank digital currency (CBDC) from the definition of money in the state, creating potentially significant roadblocks to its use as such in South Dakota.
At the request of the South Dakota Department of Labor and Regulation, the chair of the Committee on Commerce and Energy introduced Senate Bill 58 (SB58) on Jan. 9.
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A bill filed in the Tennessee Senate would expressly exclude a central bank digital currency (CBDC) from the definition of money in the state, creating potentially significant roadblocks to its use as such in the state.
Sen. Frank Niceley introduced Senate Bill 1764 (SB1764) on Jan. 12.
Under the Tennessee Uniform Commercial Code (UCC), “money” means “a medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries.”
SB1764 would add the term “does not include any central bank digital currency” to that definition.
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Sen. Lee Fights Central Bank Digital Currency
March 24, 2023
WASHINGTON – Sen. Mike Lee (R-UT) reintroduced legislation to prevent the Federal Reserve from reshaping the U.S. financial sector and having the ability to monitor consumer transactions. The Fed, with encouragement from the Biden Administration, has begun to develop a central bank digital currency (CBDC), a digital asset, minted, issued, and controlled by them, that would alter the ability of financial institutions to function as lenders, while giving the federal government knowledge of every purchase that uses a CBDC. Financial institutions could no longer offer loans – or at the very least would be significantly restricted in doing so – since they would bear no risk for a deposit; they would function merely as wallets, holders of a CBDC – and as such, could not extend deposits to prospective borrowers in the form of loans. Lastly, the Federal Reserve would have knowledge of every transaction involving a CBDC; if it maintains the technology to create and operate a CBDC, it will know how it is used.
Of the bill, Sen. Lee said, “The United States doesn't need to create a Central Bank Digital Currency to know it is a bad idea. We've seen this play out in China with the digital Yuan. In early trials, China canceled its citizens' money after a set period, forcing Chinese citizens to spend their savings at the compulsion of the government. My bill protects Americans from a similar intrusion by prohibiting the Federal Reserve or any federal government agency from minting or issuing a CBDC, whether through a direct-to-consumer or intermediated model.”
Nicholas Anthony and Norbert Michel of the Cato Institute mentioned in a recent report, “The case against central bank digital currencies (CBDCs) grows stronger by the day … CBDCs put the future of financial privacy, freedom, and markets at risk, and these bills would provide much needed safeguards against the United States issuing a CBDC. Senator Lee’s bill would establish clear boundaries for not just the Federal Reserve (Fed), but also the Department of the Treasury (Treasury). Time and time again, Fed Chair Jerome Powell and former-Vice Chair Lael Brainard have skirted questions on the Fed’s authority to issue a CBDC. Likewise, the Treasury seems to have taken the lead: on pushing CBDCs forward under the Biden administration. Considering these developments, it’s clear that Senator Lee’s approach is indeed warranted.
“These bills would establish some much-needed checks on the federal government’s efforts to launch a CBDC. The potential consequences of a CBDC are simply too large to be left up to the discretion of unelected bureaucrats at the Fed or the Treasury. It’s a decision that should rest with Congress.”
Bills filed in the Oklahoma House and Senate would expressly exclude a central bank digital currency (CBDC) from the definition of money in the state, creating potentially significant roadblocks to its use as such in Oklahoma.
Sen. Nathan Dahm filed Senate Bill 1865 (SB1865). Rep. Clay Staires filed House Bill 3323 (HB3323).
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Today, a Utah House committee unanimously passed a bill that would expressly exclude a central bank digital currency (CBDC) from the state’s definition of money, creating potentially significant roadblocks to its use as such in Utah.
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HB164 is now eligible for further debate and consideration in the full House.
A bill introduced in the Hawaii Senate would take steps to limit the impact of central bank digital currency (CBDC) in Hawaii, creating potentially significant roadblocks to its use in the state.
Rep. Lynn Decoite introduced Senate Bill 2676 (SB2676) on Jan. 19. The legislation would take several steps “to protect a person’s right to choose whether to participate in a digital currency system and to ensure that the people of the State are not coerced into adopting digital currencies against their will.”
In effect, it would create a favorable environment for people in Hawaii to opt out of using CBDC.
Under the proposed law, “Every person shall have the right to choose whether to participate in a digital currency system and shall retain the freedom to transact and store value using traditional fiat currency, physical cash, or any other legal means of payment.”
It would specifically bar the state from requiring the use of a CBDC.
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South Dakota in the house: ...
On Tuesday, a South Dakota Senate Senate committee passed a bill that would expressly exclude a central bank digital currency (CBDC) from the definition of money in the state ...
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SB58 can move to the Senate floor for further consideration. It could also be referred to a second committee.
Tennessee Bill Would Exclude CBDC from State Definition of Money | Tenth Amendment Center
A bill filed in the Tennessee Senate would expressly exclude a central bank digital currency (CBDC) from the definition of money in the state, creating potentially significant roadblocks to its use as such in the state.blog.tenthamendmentcenter.com
Yesterday, the South Dakota House passed two bills to reject a central bank digital currency (CBDC), removing it from the definition of money in the state and banning the state from accepting it as payment.
Rep. Mike Stevens and a bipartisan coalition of cosponsors introduced House Bill 1163 (HB1163) and House Bill 1161 (HB1161) on Jan. 25. HB1163 would expressly exclude a CBDC from the definition of money in South Dakota, and HB1161 would prohibit state agencies from accepting CBDC as a form of payment.
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HB1161 and HB1163 will move to the Senate for further consideration. Once they are assigned to a Senate committee, the must get a hearing and pass by a majority vote before moving forward in the legislative process.
bill introduced in the Arizona Senate would expressly exclude central bank digital currency (CBDC) from the definition of legal money in the state, creating potentially significant roadblocks to its use as such in Arizona.
Sen. Jake Hoffman and five cosponsors introduced Senate Bill 1281 (SB1281) on Jan. 30. ...
Yesterday, a Wisconsin House committee passed a bill that would expressly exclude a CBDC from the definition of money in Wisconsin and prohibit state agencies from accepting CBDC as a form of payment.
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AB725 will now move to the House Rules Committee where it must get a hearing and pass by a majority vote before moving to the full House.
Update on the Utah bill:
Utah Committee Passes Bill that Would Exclude CBDC from State Definition of Money | Tenth Amendment Center
HB164 would specify that "a central bank digital currency is not specie legal tender and is not legal tender in the state," effectively excluding CBDC from the state's definition of money under the Utah Specie Legal Tender Act - and the state's Uniform Commercial Code (UCC).blog.tenthamendmentcenter.com
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On Feb. 9, the Utah Senate passed HB164 by a 27-1 vote. The House previously approved the measure by a vote of 68-0. The bill now moves to Gov. Spencer Cox’s desk for his consideration. He will have 20 days from the date the legislature adjourns for the session to sign or veto HB164. If he takes no action, the bill will become law without his signature.
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Yesterday, South Dakota Gov. Kristi Noem signed two bills into law to reject a central bank digital currency (CBDC), removing it from the definition of money in the state and banning the state from accepting it as payment.
Rep. Mike Stevens and a bipartisan coalition of cosponsors introduced House Bill 1163 (HB1163) and House Bill 1161 (HB1161). HB1163 expressly excludes a CBDC from the definition of money in South Dakota, and HB1161 prohibits state agencies from accepting CBDC as a form of payment.
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Yesterday, Indiana Gov. Eric Holcomb signed a bill into law that takes additional steps to impede the practical impact of a central bank digital currency. The legislation expands a 2023 law that removed CBDC from the definition of money in the state.
Last year, Indiana became the first state to enact a law that removed a central bank digital currency (CBDC) from the definition of money in the state. On Jan. 9, Sen. Eric Koch introduced Senate Bill 180 (SB180) to expand on that law.
The new law prohibits state agencies from accepting payments made with a central bank digital currency for any service, tax, license, permit, fee, information, or other amount due the governmental body. It also bars government agencies from requiring payments to be made with a central bank digital currency.
Additionally, under the law, state government bodies are prohibited from advocating for or supporting the testing, adoption, or implementation of a central bank digital currency by the United States government.
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On Wednesday, Gov. Spencer Cox signed a bill into law that expressly excludes a central bank digital currency (CBDC) from the state’s definition of legal tender and money, creating potentially significant roadblocks to its use as such in the state.
Rep. Tyler Clancy introduced House Bill 164 (HB164) on Jan. 4. Sen. Michael Kennedy sponsored the bill on the Senate side. The new law specifes that “a central bank digital currency is not specie legal tender and is not legal tender in the state,” effectively excluding CBDC from the state’s definition of money under the Utah Specie Legal Tender Act.
HB164 also changes the definition of money under the state’s Uniform Commercial Code (UCC) to specify that “Money does not include a central bank digital currency.”
On Feb. 9, the Senate passed HB164 by a 27-1 vote. The House previously approved the measure by a vote of 68-0. With the governor’s signature, the new law goes into effect on May 1, 2024.
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The Senate passed the final version of H690 by a 39-5 vote. The House concurred with a 109-4 vote. But Gov. Cooper vetoed the measure, saying in his veto message that the state should wait to see how “efforts at the federal level” play out. Cooper called H690 “premature, vague and reactionary,” and said that it would propose an “end result on important monetary decisions that haven’t even been made yet.”
On July 31, the House overrode the governor’s veto by a 73-41 vote. On Sept. 9, the Senate followed suit by a 27-7 vote. The law went into immediate effect.
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