A crypto regulation task force may soon be formed in Hawaii, USA

A crypto regulation task force may soon be formed in Hawaii, USA
Written by Arindam
A crypto regulation task force may soon be formed in Hawaii, USA

The US state of Hawaii has passed a bill to create a task force for cryptocurrency and blockchain regulation. This task force will investigate and regulate the crypto and blockchain industry. The Commerce and Consumer Protection (CPN) and Wages and Means (WAM) committees have voted in favor of the bill. Hawaii is trying to figure out how the government can monitor and regulate cryptocurrencies and blockchain technology.

In a letter to Hawaii State Senate President Ron Kouchi, members Donovan Dela Cruz and Roz Baker favor the creation of a Blockchain and Cryptocurrency Task Force. This task force was proposed in the bill. The letter states that there is great potential in the use and regulation of blockchain technology and cryptocurrencies and therefore it is in the interest of the state and the people to decide why and how to regulate the crypto industry. The task force will include government officials and industry figures, as well as professors specializing in digital currency from the University of Hawaii. They will be appointed by the Senate and the Governor.

Once the bill becomes law, the Blockchain and Cryptocurrency Task Force will have to submit a report of its findings and suggestions before the Senate’s regular session next year. The goal of the task force is to develop a plan for the potential and use of the blockchain and cryptocurrency industry, the letter said. The task force will also review data from others.

The legal framework for virtual digital assets in the US may be the same as that applicable for normal assets. Republican Senator Cynthia Lummis is working on a regulatory framework for this. Its draft has suggested treating cryptocurrencies like bitcoin as commodities. Lumnis suggests bringing the crypto segment under government jurisdiction without hindering its growth. Different segments of the blockchain industry will be divided into a few groups. Their responsibility can be given to the relevant committees already working in America.

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