HB1193 would adopt a new definition of “electronic money” in the Uniform Commercial Code.
The Senate passed HB1193 on March 1, 2023, by a vote of 24 to 9, prior it being vetoed by the Governor. We have assigned pluses to the nays because this bill disturbingly changes the definition of money to end free-market-based cryptocurrencies and pave the way for an exclusively government-controlled Central Bank Digital Currency—presenting a significant danger to Americans’ civil liberties. The power to “coin money,” let alone authorize or adopt the use of “electronic money,” is among the powers denied to the States in Article 1, Section 10, of the U.S. Constitution.