A critical bill impacting South Dakota’s pro-business atmosphere is pending before the Senate Committee on Banking Housing and Urban Affairs. Sen. Rounds serves on this committee to continue protecting South Dakota businesses.

The bill I am referencing is the Digital Asset Anti-Money Laundering Act. Sen. Elizabeth Warren and other Democrats support this bill, which aims to crush entrepreneurship, especially as it relates to digital assets and the blockchain technology industry.

The importance of blockchain technology cannot be overstated. It represents a major shift in the way we conduct business and exchange value. As the technology continues to mature, we can expect to see even greater innovation and adoption in the future.

Over-regulation will not only hurt Americans who wish to utilize blockchain technology, but it will also encourage businesses to move overseas to countries with friendly regulations that encourage growth.

While Sen. Rounds has not signed on to support this legislation, it would be great if he worked with Rep. Dusty Johnson to create a bill mirroring Rep. Johnson’s H.R. 4763, FIT for the 21st Century Act. Johnson’s bill creates a clear path for digital assets to transition from security investments to commodities.

I encourage Sen. Rounds to advocate for future South Dakota jobs and be a leader in this emerging industry. Congress needs to create and pass a legal framework for cryptocurrency while providing customers and users with the confidence to utilize the digital asset ecosystem.