Hawaii Senate committees favor task force to regulate crypto, blockchain

Two committees of the Hawaii State Legislature — Commerce and Consumer Protection (CPN) and Ways and Means (WAM) — unanimously approved the motorboat of a specialized task unit to research the usage and regularisation of the crypto ecosystem.

In a letter addressed to the President of the Hawaii Senate, Ron Kouchi, legislative members Donovan Dela Cruz and Roz Baker wrote successful enactment of creating a “Blockchain and Cryptocurrency Task Force” that was archetypal projected successful bill SB2695.

SB2695, titled “A BILL FOR AN ACT RELATING TO CRYPTOCURRENCY,” sought to found a task unit wrong the Department of Budget and Finance to reappraisal and compile country-wide information connected crypto and blockchain. The task unit would taxable findings and imaginable authorities backmost to the State Capitol — which involves providing a program to grow blockchain adoption successful some the backstage and nationalist sectors.

Record of votes from Committees connected CPN and WAM. Source: Hawaii State Legislature

Citing the immense imaginable for some the usage and regularisation of blockchain exertion and cryptocurrency, the missive read:

“This measurement establishes a task unit to make a maestro program to research the usage and regularisation of blockchain and cryptocurrency.”

Once signed into law, the blockchain and cryptocurrency task unit volition request to taxable a study of its findings and recommendations astatine slightest 20 days earlier convening the regular league of 2023.

The task unit volition dwell of 11 members — including representatives of a blockchain payments solution company, a cryptocurrency speech and a cryptocurrency relation — who shall beryllium appointed by the governor.

Related: Brazil’s Senate approves ‘Bitcoin law’ to modulate cryptocurrencies

On April 27, Brazil’s Senate passed its archetypal crypto-related measure successful a plenary session, calling for the instauration of a regulatory framework.

As Cointelegraph reported, the measure awaits support by the Chamber of Deputies earlier it tin beryllium signed into instrumentality by President Jair Bolsonaro. Speaking connected the development, Senate President Rodrigo Pacheco said:

“I privation to congratulate the rapporteur of the project, Senator Irajá, for the approval, present successful the Plenary of the Senate, for this important bill.”

The measure is expected to beryllium passed into instrumentality by the extremity of 2022.