Hawaii 2022 Regular Session

Hawaii Senate Bill SCR31

Introduced
3/8/22  

Caption

Requesting The Department Of Commerce And Consumer Affairs To Create A Task Force To Study The Approval Of Blockchain Technology And Cryptocurrency In The State.

Impact

The resolution emphasizes that the blockchain market is projected to grow substantially, with significant investments and explorations occurring globally. By studying the adoption of this technology, the task force aims to ensure that Hawaii can leverage blockchain for public applications such as land registration, healthcare, and taxation. The anticipated benefits include increased governmental accountability, reduced human error in transactions, and improved transparency in public sector engagements. Additionally, the task force's findings could lead to relevant legislation aimed at fostering a conducive environment for blockchain and cryptocurrency initiatives within the state.

Summary

SCR31, introduced in the Thirty-first Legislature of Hawaii, seeks to establish a task force within the Department of Commerce and Consumer Affairs. The purpose of this task force is to study the approval and regulation of blockchain technology and cryptocurrency in the state. With the increasing prominence of blockchain as a transformative technology, the resolution acknowledges its potential to enhance governmental operations and various industries, allowing for improved efficiency and reduced costs in transactions. This initiative is prompted by the need for Hawaii to consider how to effectively regulate the burgeoning cryptocurrency sector and tech innovation associated with blockchain.

Contention

While proponents of SCR31 argue that embracing blockchain could reduce corruption and enhance governmental efficiency, there may be concerns regarding the oversight and regulation of cryptocurrencies. The resolution outlines the composition of the task force, which includes various stakeholders such as members of the legislature, financial institutions, and academic experts. This diverse representation aims to ensure a comprehensive understanding of blockchain's applications and challenges. However, there may be differing opinions on how aggressively Hawaii should pursue legislation that affects financial systems and digital currencies, particularly in balancing innovation with caution in regulatory practices.

Companion Bills

HI SR26

Same As Requesting The Department Of Commerce And Consumer Affairs To Create A Task Force To Study The Approval Of Blockchain Technology And Cryptocurrency In The State.

Previously Filed As

HI SCR44

Requesting The Department Of Commerce And Consumer Affairs To Provide Information And Conduct Career-oriented Presentations For High School Juniors And Seniors In The State Regarding Professions Subject To Licensure And Certification By The Professional And Vocational Licensing Division.

HI SCR30

Requesting The Department Of Commerce And Consumer Affairs' Division Of Financial Institutions And The Hawaii Technology Development Corporation To Extend The Digital Currency Innovation Lab Pilot Project.

HI SCR156

Requesting The Department Of Commerce And Consumer Affairs To Convene A Task Force To Develop Legislation Granting Prescriptive Authority To Qualified Psychologists Practicing In The State Of Hawaii.

HI SCR146

Requesting The Department Of Commerce And Consumer Affairs And The Contractors License Board To Ensure That The Contractors License Board Includes At Least Two Members With Expertise In Specialty Structural Contracting.

HI SCR70

Requesting The Director Of Commerce And Consumer Affairs To Establish And Convene A Pharmacy Reimbursement Working Group To Explore And Propose Legislation For The 2026 Legislative Session.

HI SCR48

Requesting That The Department Of Commerce And Consumer Affairs Compile Pertinent Data To Determine The Appropriate Scope Of A Study Analyzing Whether Implementation In This State Of Laws Similar To Captive Insurance Laws Of Massachusetts Would Address This State's Residential Condominium Property Insurance Needs.

HI SCR184

Requesting The Director Of The Department Of Commerce And Consumer Affairs And The Contractors License Board To Ensure That The Contractors License Board Includes At Least Two Members With Expertise In Specialty Structural Contracting.

HI SCR222

Requesting The Office Of Consumer Protection Of The Department Of Commerce And Consumer Affairs To Convene A Task Force To Assess Issues Related To The Availability Of Payment Options From Tow Companies.

Similar Bills

HI SR26

Requesting The Department Of Commerce And Consumer Affairs To Create A Task Force To Study The Approval Of Blockchain Technology And Cryptocurrency In The State.

HI SB2695

Relating To Cryptocurrency.

LA HR213

Directs the House Committee on Commerce, or a subcommittee thereof, to study the potential role of blockchain technology in the state

AZ HB2654

Cryptocurrency and blockchain commission

MA S38

Resolve establishing a special commission on blockchain and cryptocurrency technology

AL SJR58

Alabama Blockchain Study Commission, established

MA H69

Establishing a special commission on blockchain and cryptocurrency

MA H88

Establishing a special commission on blockchain and cryptocurrency