Hawaii will create a task force for crypto regulation.

2 committees within the Hawaii Senate, Commerce and Consumer Protection Committee (ANC) and the Ways and Means Committee (W.A.M.), voted to create a working group on blockchain and cryptocurrencies. The task force is expected to submit its findings to the Hawaii Senate in 2024.

Formation of a working group on cryptos and the blockchain

In a letter made public earlier in the day and sent to the President of the Hawaiian Senate on March 3, the committee chairs ANC and W.A.M. requested the creation of a working group on cryptography, as originally proposed in SB2695. The bill in question was cited in a letter to the President of the Hawaii Senate titled Cryptocurrency-Related Laws Actcalling for the creation of a crypto task force within the budget and treasury.

1651613374 238 Hawaii will create a task force for crypto regulation

According to a letter from the chairs of the committees ANC and W.A.M. to the President of the Hawaii Senate, the committees “concluded that despite the rapid growth and popularity of digital currencies, there is little regulation of the industry.”

As such, the letter continues: “Due to the enormous potential for the use and regulation of blockchain technology and cryptocurrencies, it is in the interests of the nation and its consumers to decide Where how to regulate and supervise the cryptocurrency industry. »

The letter explains that the objective of the working group will be “to develop a plan to explore the use and regulation of blockchain and cryptocurrencies”.

Last month, US Treasury Secretary Janet Yellensaid crypto regulation should support responsible innovation while reducing risk. His remarks came after US President Joe Biden has signed a decree aimed at strengthening the regulations on cryptocurrencies.

The next step

According to a letter from the presidents of the ANC and W.A.M. to the President of the Hawaii Senate, the working group will “examine data and other aspects of the domestic blockchain and cryptocurrency industry, including, but not limited to, the development of plans to expand blockchain in the private and public sectors. »

Under SB2695which originally proposed the creation of a working group on cryptography, such a working group would have 11 members. This will include representatives from blockchain payment companies, crypto exchanges, and crypto industry trade groups, who will be appointed by the governor.

The working group should submit a report to the Hawaii Senate Legislature at least 20 days before the regular session of 2024, after which the working group will be dissolved.

To discover: A European Commissioner has called on global regulators to establish uniform crypto regulations.

We want to thank the writer of this short article for this remarkable material

Hawaii will create a task force for crypto regulation.


Check out our social media accounts as well as other pages related to it.https://metfabtech.com/related-pages/