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.
United States Constitution
Article I Section 10
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
No State shall, without the Consent of the Congress, lay any Imposts or Duties on Imports or Exports, except what may be absolutely necessary for executing it's inspection Laws: and the net Produce of all Duties and Imposts, laid by any State on Imports or Exports, shall be for the Use of the Treasury of the United States; and all such Laws shall be subject to the Revision and Controul of the Congress.
No State shall, without the Consent of Congress, lay any Duty of Tonnage, keep Troops, or Ships of War in time of Peace, enter into any Agreement or Compact with another State, or with a foreign Power, or engage in War, unless actually invaded, or in such imminent Danger as will not admit of delay.
