Hawaii Senate sets up crypto task force

The Commerce and Consumer Protection (CPN) and Ways and Means (WAM) approved in a unanimous vote to launch of a specialized task force. The two committees of the Hawaii State Legislature want to investigate the use and regulation of the crypto ecosystem.

Hawaii Senate president Ron Kouchi received a letter in which legislators, Donovan Dela Cruz and Roz Baker, proposed the creation of a task force. For the first time, the Blockchain and Cryptocurrency Task Force was proposed in Bill 2B2695.

Bill 2B2695 is titled “A Bill For An Act Relating To Cryptocurrency,” which seeks to establish a task force within the Ministry of Budget and Finance to review and compile nationwide data on crypto and blockchain.

The findings and potential legislation will be sent back to the Capitol, signifying a plan to expand blockchain adoption in the private and public sectors. Citing the huge potential the use as well as the regulation of blockchain technology and cryptocurrency hold, the letter reads:

“This measure establishes a task force to create a master plan to explore the use and regulation of blockchain and cryptocurrency.”

Once the law is signed, the blockchain and cryptocurrency task force must submit a report of its findings and recommendations at least 20 days before the regular 2023 session is convened.

The task force will consist of 11 members. It includes representatives from a blockchain payment solutions company, a cryptocurrency exchange and a cryptocurrency association, to be appointed by the governor.

Brazil has now passed its first crypto-related law. On April 27, the bill was passed in the Senate calling for the creation of a regulatory framework. The bill now awaits approval by the Chamber of Deputies before it can be signed by Jair Bolsonaro, the country’s president. The bill is expected to be enacted into law by the end of 2022. On the recent developments, the Senate President had this to say:

“I would like to congratulate the project’s rapporteur, Senator Irajá, on the approval, here in the Senate plenary, of this important bill.”