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Senate committees in Hawaii support forming a task force to regulate cryptocurrency and blockchain

The task group will report back to the State Capitol with findings and prospective legislation, including a proposal to extend blockchain usage in both the private and public sectors.

The formation of a specialised task force to investigate the use and regulation of the crypto ecosystem was unanimously approved by two Hawaii State Legislature committees: Commerce and Consumer Protection (CPN) and Ways and Means (WAM).

Legislative members Donovan Dela Cruz and Roz Baker wrote to Hawaii Senate President Ron Kouchi in support of the creation of a “Blockchain and Cryptocurrency Task Force,” which was first suggested in bill SB2695.

SB2695, dubbed “A BILL FOR AN ACT RELATING TO CRYPTOCURRENCY,” proposed forming a task group inside the Department of Budget and Finance to study and aggregate data on crypto and blockchain across the country. The task group would return to the State Capitol with its conclusions and prospective legislation, which would include a plan to extend blockchain usage in both the private and public sectors.

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The letter stated, “Both the use and regulation of blockchain technology and cryptocurrency have enormous potential.”

“This bill creates a task force to develop a master strategy for researching and regulating blockchain and cryptocurrency.”

The blockchain and cryptocurrency task force will have twenty days after the bill is passed into law to provide a report on its findings and recommendations before the regular session of 2023.

The governor will nominate 11 members to the task group, which will include representatives from a blockchain payments solution firm, a cryptocurrency exchange, and a cryptocurrency association.

In a plenary session on April 27, Brazil’s Senate passed its first crypto-related measure, calling for the construction of a legal framework. The bill must be approved by the Chamber of Deputies before President Jair Bolsonaro can sign it into law. Senate President Rodrigo Pacheco commented on the development, saying:

“I’d like to congratulate Senator Irajá, the project’s rapporteur, on the Senate’s acceptance of this significant law here in the Senate Plenary.”

By the end of 2022, the bill is scheduled to be signed into law.


Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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