Hawaii Votes in favor of the creation of a Blockchain and Crypto Regulation Task Force

Hawaii Votes in favor of the creation of a Blockchain and Crypto Regulation Task Force ...

The state of Hawaii has passed a measure to the state''s Senate to require a task force for cryptocurrency and blockchain regulation. The Commerce and Consumer Protection (CPN) and Ways and Means (WAM) committees have unanimously approved in support of this task force to examine and regulate the cryptocurrency and blockchain ecosystems. As cryptocurrency grows widespread popularity, governments across the globe are looking for ways to regulate and utilize digital assets.

Ron Kouchi, his legislators Donovan Dela Cruz, and Roz Baker wrote in a letter to the President of the Hawaii State Senate, in support of the creation of a "Blockchain and Cryptocurrency Task Force" that was first proposed in a bill 2695.

According to the letter, as there is substantial potential for both the use and regulation of blockchain technology and cryptocurrency, it is in the interests of the State and its consumers to determine whether or how to regulate and oversee the cryptocurrency industry.

The blockchain and cryptocurrency task force will consist of government officials and members of the Web 3 space, along with professors from the University of Hawaii who specialize in digital currency. Once signed into law, the group will need to provide a copy of its findings and recommendations at least twenty days before the regular session of 2023.

The letter continues to expligate that the task force would "crease a master plan to explore the use and regulation of blockchain and cryptocurrency."

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