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House advances Senate bill to define and regulate digital assets; sponsor says major state groups back it
Summary
Rep. Mark Smith told the House S163 would create definitions for blockchain components, prohibit government involvement in central bank digital currency and allow businesses or persons to accept digital assets as currency; he said the South Carolina Banking Association and Municipal Association signed on.
Representative Mark Smith explained S163 as a targeted attempt to fill a regulatory gap on digital assets in state law. "This bill provides definitions for components of blockchain," Smith said, and he told members the bill prohibits government involvement in central bank digital currency and allows a person or business to accept digital assets as currency.
Smith said the South Carolina Banking Association and the Municipal Association had reviewed and signed off on the bill and that "there are no known opponents to this bill." He presented three brief bullets on the bill's effects: definitions, a prohibition on central bank digital currency involvement, and authorization for persons or businesses to accept digital assets as currency only.
Members asked for order during the explanation and a roll-call second reading followed; the clerk recorded that Senate 163 received second reading. The sponsor moved for passage after presenting the measure and noting stakeholder support.
What happens next: Senate 163 received its second reading and was placed on the calendar for continued consideration under normal House procedures.
