URGENT: The Montana Senate passed pro-central bank digital currency bill SB 370 by a 32-18 vote. The bill has now been sent to the House of Representatives for consideration.
Members of the Montana Legislature are seeking to pass legislation that, if enacted, would pave the way for a Central Bank Digital Currency (CBDC).
Senate Bill No. 370 (SB 370) is a 131-page bill that makes multiple various changes to Montana’s Uniform Commercial Code. However, the bill importantly changes the state’s definition of “money”:
The term does not include an electronic record that is a medium of exchange recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by the government.
This provision bans free-market-based cryptocurrencies, such as Bitcoin, from being considered money under state law. Meanwhile, under the bill, states would automatically recognize any new government-controlled currencies.
More importantly, however, SB 370 paves the way for a Central Bank Digital Currency while banning cryptocurrencies not under government supervision.
Furthermore, the bill’s authors have explicitly stated their intention to ban cryptocurrencies in favor of CBDCs, and that the bill was intended to accommodate “countries [that] might authorize or adopt [a] central bank digital currency or CBDC.”
SB 370 is sponsored by the Uniform Law Commission (ULC), an influential “Deep State” organization that promotes uniform state laws, including those “consistent with U.S. laws and international obligations.” In recent years, it has pushed to “harmoniz[e] state law with the law of other nations as well as the implementation by state law of private international law treaties.” The ULC is pushing the same legislation in states across the United States.
They’re trying to change the definition of “money”. This is huge.
AC