Senate Committees In Hawaii Support Forming A Task Force To Regulate Cryptocurrency And Blockchain

The formation of a specialized task force to investigate the use and regulation of the crypto and blockchain ecosystem was unanimously approved by two Hawaii State BlockchainLegislature 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.

Citing the vast potential for both the use and regulation of blockchain technology and cryptocurrency, the letter read:

“This measure establishes a task force to create a master plan to explore the use and regulation of 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, according to Cointelegraph. Senate President Rodrigo Pacheco commented on the development, saying:

“I want to congratulate the rapporteur of the project, Senator Irajá, for the approval, here in the Plenary of the Senate, for this important bill.”

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

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