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 launch of a specialized task force to explore the use and regulation of the crypto ecosystem.

In a letter to Hawaii Senate President 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 the bill. law SB2695.

SB2695, titled “A BILL FOR A CRYPTOCURRENCY-RELATED LAW,” sought to establish a task force within the Department of Budget and Finance to review and compile data from across the country on crypto and blockchain. The task force would send the findings and potential legislation to the State Capitol, which involves providing a plan to expand blockchain adoption across the public and private sectors.

Register of votes of the Committees on CPN and WAM. Source: Hawaii State Legislature

Citing the great potential for both the use and regulation of blockchain technology and cryptocurrency, the letter said:

“This measure establishes a working group to create a master plan to explore the use and regulation of blockchain and cryptocurrencies.”

Once enacted, the blockchain and cryptocurrency working group must report its findings and recommendations at least twenty days before convening the 2023 regular session.

The task force will be made up of 11 members, including representatives from a blockchain payment solutions company, a cryptocurrency exchange, and a cryptocurrency association, who will be appointed by the governor.

Related: Brazilian Senate approves ‘Bitcoin Law’ to regulate cryptocurrencies

On April 27, the Brazilian Senate approved its first cryptocurrency-related bill in a plenary session, calling for the creation of a regulatory framework.

As Cointelegraph reported, the bill awaits approval from the Chamber of Deputies before President Jair Bolsonaro can sign it into law. Speaking about the development, Senate President Rodrigo Pacheco said:

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

The bill is expected to become law in late 2022.