The legislative arm in Hawaii has taken the bold step to regulate the usage of cryptocurrency and incorporate blockchain technology in the country. Two committees in the country’s legislative arm, Ways and Means (WAM) and Commerce and Consumer Protection (CPN), have unanimously supported the creation of a special task force that will investigate the regulation and usage of the cryptocurrency sector.
The task group will report to the State Capitol after making its findings and provide recommendations for legislation. Also, the report will include a strategy to extend blockchain usage in the public and private sectors.
Hawaii Task Force For Crypto Regulation
A letter sent to the Senate President of Hawaii, Ron Kouchi, was written by legislative members Roz Baker and Donovan Cruz to create a “Cryptocurrency and Blockchain Task Force,” which was initially suggested in bill SB2695 and has now gained support from other legislators.
According to SB2695, which was dubbed “A BILL FOR AN ACT RELATING TO CRYPTOCURRENCY,” the state Department of Finance and Budget was to establish an agency that would review and then collect data on crypto and blockchain across the country. Upon completion, the agency would present its findings and recommendations to the State Capitol for consideration, including developing a strategy to increase blockchain usage across all sectors.
The letter said that crypto and blockchain technology has enormous potential for regulation and application. Another part of the letter stated that;
“A task group will be established to provide an overarching strategy for investigating the regulation and usage of blockchain technology and cryptocurrencies.”
Once the bill is enacted into law, the crypto and blockchain task force will be required to produce a report outlining its research and possible recommendations twenty days to when the session of the House of Representatives in 2023 is convened. The governor will designate 11 individuals to the task group, who will include representatives from a blockchain firm, a crypto exchange, and a crypto organization.
Brazil Approves Bitcoin Regulation Law
On Wednesday, the Brazilian Senate approved its first cryptocurrency-related measure in a plenary meeting, which calls for establishing a regulatory standard for the cryptocurrency industry.
Following an article by Cointelegraph, the legislation now requires ratification by the Chamber of Deputies and then the signatory of President Jair Bolsonaro to pass it into law. President of the Senate, Rodrigo Pacheco expressed his thoughts on the situation, saying:
“I’d like to express my congratulations to Sen. Irajá, the project’s co-reporter, on the passage of this significant law, which took place today.”
It is anticipated that the legislation will be signed into law before the end of 2022.