Two committees of the Hawaii State Legislature — Commerce and Consumer Protection (CPN) and Ways and Means (WAM) — unanimously approved the launch of a specialized task force to explore the use and regulation of the crypto ecosystem.

In a letter addressed to the President of the Hawaii Senate, Ron Kouchi, legislative members Donovan Dela Cruz and Roz Baker wrote in support of creating a “Blockchain and Cryptocurrency Task Force” that was first proposed in bill SB2695.

SB2695, titled “A BILL FOR AN ACT RELATING TO CRYPTOCURRENCY,” sought to establish a task force within the Department of Budget and Finance to review and compile country-wide data on crypto and blockchain. The task force would submit findings and potential legislation back to the State Capitol — which involves providing a plan to expand blockchain adoption in both the private and public sectors.

Record of votes from Committees on CPN and WAM. Source: Hawaii State Legislature

Citing the vast potential for both the use and regulation of blockchain technology and cryptocurrency, the letter read:

“This measure establishes a task force to create a master plan to explore the use and regulation of blockchain and cryptocurrency.”

Once signed into law, the blockchain and cryptocurrency task force will need to submit a report of its findings and recommendations at least twenty days before convening the regular session of 2023.

The task force will consist of 11 members — including representatives of a blockchain payments solution company, a cryptocurrency exchange and a cryptocurrency association —…

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