Hawaii Senate committees favor task force to regulate crypto, blockchain

Hawaii Senate committees favor task force to regulate crypto, blockchain

The launch of a task force to investigate the regulation and use of crypto-ecosystems was unanimously approved by two committees of Hawaii State Legislature, Commerce and Consumer Protection (CPN), and Ways and Means(WAM).

Legislative members Roz Baker and Donovan Dela Cruz wrote to Ron Kouchi in support of the creation of a “Blockchain and Cryptocurrency Task Force.” This task force was originally proposed in bill SB2695.

SB2695, which was titled “A BILL TO ACT RELATING to CRYPTOCURRENCY”, sought to create a task force within Department of Budget and Finance to examine and compile countrywide data on crypto and Blockchain. The task force would report its findings and any potential legislation to the State Capitol. This includes a plan to increase blockchain adoption in the public and private sectors.

Record of votes cast by the Committees on CPN/WAM Source: Hawaii State Legislature

The letter cited the immense potential for regulation and use of cryptocurrency and blockchain technology.

“This act establishes a taskforce to create a masterplan to explore the regulation and use of cryptocurrency and blockchain.”

The blockchain and cryptocurrency taskforce will have to submit its report within twenty days of being signed into law.

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

Related: Brazil’s Senate approves the ‘Bitcoin law,’ which regulates cryptocurrencies

Brazil’s Senate passed Wednesday its first crypto-related bill during a plenary session. It called for the establishment of a regulatory framework.

Cointelegraph reported recently that the bill is still awaiting approval by the Chamber of Deputies, before President Jair Bolsonaro can sign it into law. Rodrigo Pacheco, President of the Senate, spoke out about this development.

“I want to congratulate Senator Iraja, the reporter of this project, for his approval here in the Plenary for this important bill.”

It is expected that the bill will be adopted into law before 2022.

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