Hawaii Votes in Favour of the Creation of a Blockchain, Crypto Regulation Task Force

The task force will "create a master plan to explore the use and regulation of blockchain and cryptocurrency."

By Shomik Sen Bhattacharjee | Updated: 5 May 2022 18:27 IST

Hawaii Votes in Favour of the Creation of a Blockchain, Crypto Regulation Task Force

Photo Credit: Unsplash/ Little plant

Hawaii is looking for ways to regulate and make the most out of digital assets

Highlights

Hawaii is giving crypto regulation a serious focus now
The task committee plans to provide a blockchain usage roadmap
The bill is expected to be passed into law by the end of 2022

The state of Hawaii has passed a bill to the state's senate to demand a task force for cryptocurrency and blockchain regulation. The Commerce and Consumer Protection (CPN) and Ways and Means (WAM) committees have unanimously voted in support of this task force to examine and regulate the crypto and blockchain ecosystems. Hawaii's law wants to examine how the government may regulate, supervise, and potentially exploit blockchain and cryptocurrency technology. As crypto gains mainstream popularity, governments worldwide are looking for ways to regulate and take advantage of digital assets.

In a letter addressed to the President of the Hawaii State Senate, Ron Kouchi, legislative members Donovan Dela Cruz and Roz 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 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.”

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The task force will include both government officials and members of the Web 3 space, plus professors from the University of Hawaii that specialise in digital currency, and will be appointed by the Senate and governor. Once signed into law, the blockchain and cryptocurrency task force will need to submit a report of its findings and recommendations at least twenty days before convening the regular session of 2023.

The letter goes on to explain that the aim of the task force will be "to create a master plan to explore the use and regulation of blockchain and cryptocurrency."

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The bill, SB2695, titled, "A Bill for an Act Related to Cryptocurrency", aims to see how the state can regulate, provide oversight, and potentially use blockchain technology and cryptocurrency. The task force intends to review data from other states, including but not limited to the development of "a plan to expand blockchain adoption in both the private and public sectors."

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