Hawaii votes in favor of creating a blockchain, crypto regulation task force

The state of Hawaii has passed a bill to the state Senate to demand a task force for cryptocurrency and blockchain regulation. The Commerce and Consumer Protection (CPN) and Ways and Means (WAM) committees have voted unanimously in support of this task force to investigate and regulate the crypto and blockchain ecosystem. Hawaii’s law seeks to examine how governments can regulate, supervise, and potentially exploit blockchain and cryptocurrency technology. As crypto gains mainstream popularity, governments around the world are looking for ways to regulate and leverage digital assets.

one in letter Addressing Hawaii State Senate President Ron Cauchy, legislative members Donovan Della Cruz and Rose Baker wrote in support of creating a “Blockchain and Cryptocurrency Task Force” that was first proposed in Bill SB2695.

The letter states that “as there is wide potential for both its use and regulation” blockchain Technology and cryptocurrency, it is in the interest of the state and its consumers to determine how to regulate or provide for the cryptocurrency industry. ,

The task force will include government officials and members of Web3Space, as well as professors from the University of Hawaii who are experts in digital currency, and will be appointed by the Senate and the governor. Once signed into law, blockchain and cryptocurrency The task force will have to submit a report of its findings and recommendations at least twenty days before convening the regular session of 2023.

The letter explained that the task force would aim to “create a master plan to explore the use and regulation of blockchain and cryptocurrency”.

Bill, SB2695, Title, “A Bill to Act on Cryptocurrencies”, aims to look at how states can regulate, provide oversight, and potentially use blockchain technology and cryptocurrencies. The task force intends to review data from other states, including but not limited to the development of “plans to expand blockchain adoption in both the private and public sectors”.

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