The state of Hawaii has passed a bill, SB2695, to the state’s senate to demand a task force for cryptocurrency and blockchain regulation.
The Commerce and Consumer Protection (CPN) and Ways and Means (WAM) committees have unanimously voted in support of this task force stating that regardless of the rapid growth of the crypto industry, there is little regulation.
The bill titled, “A BILL FOR AN ACT RELATING TO CRYPTOCURRENCY”, has asked for the creation of a blockchain and cryptocurrency task force within the Department of Budget and Finance.
“Since this industry has a vast potential and seems to be growing exponentially everyday, the regulation of this industry would be in the interest of both consumers and the State” stated the two approving committees in a letter written to the President of the Hawaii Senate.
The letter further states that the task force would work to review data and other aspects of the blockchain and crypto industry across the country. They will also be tasked with creating a plan for blockchain adoption across public and private sectors.
The task force, as proposed in the bill, will be formed by eleven members including representatives from a blockchain payments solution company, a cryptocurrency exchange and a cryptocurrency association, all of whom shall be appointed by the Governor.
The task force shall submit a report at least 20 days prior to the convening of the Regular Session of 2024, after which the task force shall be dissolved.
The whole country of the United States has been moving towards greater crypto adoption and regulation. In order to better regulate the crypto industry, the U.S. SEC doubled members in their Cyber Unit, including investigative staff attorneys, trials counsels, and fraud analysts,
