Hawaii Senate Supports Task Force To Regulate Cryptocurrency And Blockchain

The task force will report its findings and potential cryptocurrency legislation to the State Capitol, including a plan to increase blockchain adoption in both the private and public sectors.

The Hawaii State Legislature’s Commerce and Consumer Protection (CPN) and Ways and Means (WAM) committees unanimously approved the formation of a specialized task force to investigate the use and regulation of the crypto ecosystem.

Legislators 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 proposed in bill SB2695.

SB2695, titled “A BILL FOR AN ACT RELATING TO CRYPTOCURRENCY,” sought to create a task force within the Department of Budget and Finance to review and compile data on cryptocurrency and blockchain across the country. The task force would return to the State Capitol with findings and potential legislation, including a plan to expand blockchain adoption in both the private and public sectors.

The letter stated, citing the vast potential for both the use and regulation of blockchain technology and cryptocurrency:

Once signed into law, the blockchain and cryptocurrency task force must submit a report on its findings and recommendations at least twenty days before the regular session of the 2023 legislature convenes.

The governor will appoint 11 members to the task force, including representatives from a blockchain payments solution company, a cryptocurrency exchange, and a cryptocurrency association.

In a plenary session on April 27, Brazil’s Senate passed its first crypto-related bill, calling for the establishment of a regulatory framework.

According to a report, 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:

The bill is expected to be enacted by the end of 2022.