Hawaii Senate committees favor task force to regulate crypto, blockchain

cointelegraph.com:

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 addressed to the President of the Hawaii Senate, 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 bill SB2695.

SB2695, titled “A BILL FOR AN ACT RELATING TO CRYPTOCURRENCY,” sought to establish a task force within the Department of Budget and Finance to review and compile country-wide data on crypto and blockchain. The task force would submit findings and potential legislation back to the State Capitol — which involves providing a plan to expand blockchain adoption 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:

Once signed into law, the blockchain and cryptocurrency task force will need to submit a report of its findings and recommendations at least twenty days before convening the regular session of 2023.

The task force will consist of 11 members — including representatives of a blockchain payments solution company, a cryptocurrency exchange and a cryptocurrency association — who shall be appointed by the governor.

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

On April 27, Brazil’s Senate passed its first crypto-related bill in a plenary session, calling for the creation of a regulatory framework.

As Cointelegraph reported, the bill awaits approval by the Chamber of Deputies before it can be signed into law by President Jair