CryptocurrencyThey have spread almost all over the world and continue to spread. Governments continue to examine and monitor the markets by closely following this spread. Some governments regulate cryptocurrencies, while others impose very strict bans. Hawaii was another country that joined this caravan. Hawaii, the US state, will begin to examine crypto assets more closely with a new unit it has established.
Hawaii Trade and Consumer Protection (CPN) and Roads and Vehicles [WAM] committees decided to form a council to review crypto market regulations. The committees in question sent a letter to Hawaii Senate Speaker Ron Kouchi, as well as legislators Roz Baker and Donavan Dela Cruz expressing their new interest in crypto regulation.
Letter, “Blockchain and Cryptocurrency Task ForceIt contains information about a measure known as ”. The bill requires the creation of a task force under Hawaii’s Department of Budget and Finance.
The related bill includes the urgent need for a task force that will closely examine cryptoassets.
“Your committees are finding that despite the rising growth and popularity of digital currency, there is little regulation in the industry. Accordingly, as there is great potential for both the use and regulation of blockchain technology and cryptocurrency, it is in the interest of the government and its consumers to determine how the cryptocurrency industry will be regulated and how it will be regulated and overseen.”
What Can the Hawaii Crypto Committee Do?
The task force created will conduct research, collect statistics and evaluate data on crypto and blockchain technologies across the country. After that, all the data reviewed will be submitted to the State Capitol. The bill also highlighted ideas for expanding blockchain to the private and public sectors in the region.
The task force is expected to consist of a total of 11 members. The governor will be in charge of appointing the members of this committee. Additionally, the close task force must have representatives from a crypto exchange, a crypto firm, and a blockchain payments company.
Additionally, the task force is required to submit the compiled data to the legislature twenty days before the 2024 Ordinary Session. Following this, the task force will reportedly disband.