This citizen initiated constitutional amendment appeared on the November 4, 2008 general election ballot in South Dakota.
If it had been adopted, Measure 9 would likely have been challenged in court and may have been declared to be preempted by federal law and the United States Constitution.
This initiative was supported by South Dakotans for Securities Reform, chaired by State Representative Hal Wick (R-Sioux Falls).
Mike Rounds said promoters might have good intentions, but the proposed initiative would unduly burden and obstruct interstate commerce.
[10][11] Gail Sheppick Director of the South Dakota Division of Securities wrote the "con" arguments for the state Ballot Question Pamphlet: