Hawaii State Senate Approves Task Force to Regulate Crypto

Hawaii State Senate Approves Task Force to Regulate Crypto

As interest in cryptocurrencies and NFTs mounts around the world, Hawaii’s State Senate has approved bill ‘SB2695. The bill is intended to facilitate more freedom to explore blockchain technology and how it would affect the general population. The bill was signed by two committees in the Hawaii Senate – ‘Ways and Means (WAM)’ and ‘Commerce and Consumer Protection (CPN)’.

Two Years of In-Depth Crypto Research

The Hawaiian legislation, ‘A Bill for an Act Related to Cryptocurrency’, will focus on state regulations and providing deep analysis of the blockchain technology already being put into practice in other parts of the world, as well as in other states of the U.S.

Moreover, the task force team has been carefully selected from members of the Web 3.0 community, scholars and professors of the Hawaiian University, and members of the state government. The newly-formed task force has been given 2 years to complete and submit a report, with the end goal being to inform a clear stance on crypto by the beginning of the 2024 legislative session.

Nationwide Interest in Blockchain Technology

Just two months ago, President Joe Biden signed a bill for ‘Ensuring Responsible Development of Digital Assets’, which is expected to save a lot of Americans from potential cryptocurrency-related scams, while still being able to take innovation in stride.

There’s at least 37 states currently researching blockchain technology and considering new regulation laws, including the capital, Washington, D.C. 

In 2021, the House approved a bill called ‘Eliminate Barriers to Innovation Act of 2021’. The legislation was passed in light of a number of government officials agreeing that crypto was quickly growing in popularity across the country, while regulations around it was remained relatively vague.

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