Hawaii senate committee has suggested the formation of a task force group to regulate cryptocurrency and blockchain technology in the state.
Hawaii’s Bill for Acting on Cryptocurrency
The Hawaiian senate committee has found that despite the emerging popularity and growth of cryptocurrency in most economies, there happens to be little to no regulation of the industry.
Writing to Honorable Ronald D. Kouchi, President of the Senate in the state of Hawaii, the Senate committee on Commerce and Consumer Protection reported that they have intended to establish a Blockchain and Cryptocurrency Task Force.
“Accordingly, as there is vast potential for both the use and regulation of blockchain technology and cryptocurrency, it is in the interests of the State and its consumers to determine whether or how to regulate and provide oversight to the cryptocurrency industry.” The Committee stated in its report.
Following the observation by the committee, they stated that the measure established a task force to create a master plan for the successful regulation of cryptocurrency and blockchain in the state.
The committee outlined the amendment of the task force measure by clarifying that the members of the group can conduct meetings via interactive conference technology and that they shall review data other aspects of the blockchain and cryptocurrency industry throughout the country, including but not limited to the development of a plan to expand blockchain adoption in both the private and public sectors, to be regulated within the jurisdiction and purview of the Department of Commerce and Consumer Affairs’ Division of Financial Institutions.
The task force will be required to submit a report to the House of Representatives no farther than 24 days before the convening of the Regular Session of 2024, at which point it has been agreed that the task force will be dissolved.
The governor will appoint 11 people to the task committee, which will include members from a blockchain payments solution company, a cryptocurrency exchange, and a cryptocurrency association.
Other Countries Embracing Crypto:
According to the National Conference of State Legislatures, at least 37 states are considering crypto-related legislation, in addition to Washington, D.C., and Puerto Rico.
On Wednesday, the Brazilian Senate passed its first cryptocurrency-related bill in plenary session, calling for the creation of a legal framework.
Before President Jair Bolsonaro can sign the bill into law, it must be passed by the Chamber of Deputies. Despite these well-publicized initiatives, countries such as Nigeria have declined to implement crypto laws.
