Hawaii Senate councils favor task force to govern crypto, blockchain

May 3, 2022

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Hawaii Senate councils favor task force to govern crypto, blockchain

Two councils of the Hawaii State Legislature Commerce and Consumer Protection or CPN and Ways and Means WAM unanimously authorized the launch of a specialized task force to analyze the use and legislation of the crypto ecosystem. In a letter, legislative members Donovan Dela Cruz and Roz Baker composed the assistance of establishing Blockchain and Cryptocurrency Task Force that was 1st formulated in bill SB2695.

SB2695, labeled as A BILL FOR AN ACT RELATING TO CRYPTOCURRENCY, pursued to ascertain a task troop within the Department of Budget and Finance to survey and assemble nationwide information on crypto and blockchain. The task troop would submit outcomes and possible regulation back to the State Capitol which comprises giving an agenda to expand blockchain adoption in private and public sectors. Illustrating the vast ability for both the aim and legislation of blockchain technology and virtual currency, the letter read- This model ascertains a task force to establish a master proposal to analyze the aim and legislation of blockchain and virtual currency.

Once approved into law, the blockchain and digital currency task troop will need to submit a report of its outcomes and suggestions at least 20 days before assembling the regular session of 2023. The task force will comprise 11 members, comprising diplomats of a blockchain payments solution firm, a digital currency exchange and a cryptocurrency association.

On April 27, Brazil’s Senate enacted its 1st crypto-oriented bill in a plenary trial, ordering for the creation of a regulatory framework. Cointelegraph reported that the bill expects approval by the Chamber of Deputies before it can be approved into law by President Jair Bolsonaro. Talking about the development, Senate President Rodrigo Pacheco said: “I want to compliment the rapporteur of the program, Senator Irajá, for the permission. The bill is anticipated to be ratified into law by the end of 2022.

Have a look at this- Crypto Exchanges Back in Hawaii with new Regulatory Sandbox

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