On March 2, Dennis Porter, the originator of Satoshi Fund, an institute committed to the education of Bitcoin regulators, made an announcement calling for an Act to adjust provisions of the Uniform Commercial Code (UCC); a legislative session 1193. The UCC was introduced by a Republican representative, Mike Stevens of South Dakota, a state in the US.
BREAKING: The state of South Dakota is attempting to pass a bill that would exclude #Bitcoin from the definition of “Money” while giving a safe path for CBDCs. pic.twitter.com/V6FCNM6Fm5
— Dennis Porter (@Dennis_Porter_) March 2, 2023
In his tweet, South Dakota strives for a bill to eliminate Bitcoin from the definition of “money.” Porter noted that the bill supports the establishment of CBDC in the U.S. He further said that the disadvantage of the news is a conspiracy to spread the policy to over 21 states across the USA. He strongly agrees that if the bill passes eventually, Bitcoin will never be the same again, as the law permits the creation of ”money” by only the government, which would invariably exempt all other digital assets. Porter added that more lawyers support the UCC’s decision on the subject matter. He said that the prescription is to curb and limit the definition or perception of “money” to rule out cryptocurrencies and their subsequent derivatives.
Meanwhile, the Act suggests “money” as an exchange means something currently legalized or adopted by the government. The term accommodates a monetary unit of the amount established by an inter-governmental organization or by agreement between two countries or more. The term does not include a digital record that is a means of exchange transferable in a system that existed and operated as a means of exchange before it was adopted by the government.
The bill went on to state that an organization comprises more than one person. It also does not include a digital medium or an electronic means of exchange.
Dennis Porter noted that if the bill is approved, it will establish the central bank digital currency (CBDC) as the UCC separates the handling of cryptocurrency and CBDC because, unlike cryptocurrency, CBDC falls under the category of the proposed definition of money.
A member of the American Law Institute stated that if the proposed law is approved, it will immediately take effect on July 1, 2024. The news has raised a lot of controversies and divided US policymakers into two huge groups: those who support the UCC’s decision and those who strongly believe that the government would be biased and myopic to eliminate Bitcoin.
