Crypto News

Hawaii Senate Establishes Crypto Task Force

Trade and Consumer Protection (CPN) and Ways and Means (WAM) unanimously approved the establishment of a specialized task force. The two committees of the Hawaii State Legislature want to examine the use and regulation of the crypto ecosystem.

Hawaii Senate President Ron Kouchi received a letter in which Reps. Donovan Dela Cruz and Roz Baker proposed creating a task force. For the first time the Blockchain and Cryptocurrency Task Force in Bill 2B2695.

Bill 2B2695 is titled “A Bill For An Act Relating To Cryptocurrency” which aims to establish a task force within the Department of Budget and Treasury to review and collate nationwide data on crypto and blockchain.

Findings and potential legislation will be sent back to the Capitol, which is a plan to expand blockchain adoption across the private and public sectors. Citing the huge potential that both usage and regulation of blockchain technology and the cryptocurrency mountains, the letter says:

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

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

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

Brazil has now passed its first crypto-related law. On April 27, the Senate passed the bill calling for the creation of a regulatory framework. The bill must now be approved by the Chamber of Deputies before it can be signed by Jair Bolsonaro, the country’s President. The draft law is expected to come into force by the end of 2022. Commenting on the latest developments, the Senate President said:

“I would like to congratulate the rapporteur on the project, Senator Irajá, for approving this important bill here in the Senate plenary.”

Source: Crypto News Deutsch

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