Hawaii 2022 Regular Session

Hawaii Senate Bill SR26

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 proposed task force is intended to explore the various applications of blockchain in the state and assess the regulatory landscape surrounding cryptocurrencies. It will consist of diverse members, including representatives from financial institutions, academia, and the business sector, ensuring that multiple perspectives are considered. The task force is expected to investigate the national and global landscape of blockchain and cryptocurrency, paving the way for informed legislative recommendations to the State Legislature. This initiative could propel Hawaii to the forefront of blockchain adoption, thus potentially enhancing its economic and technological position.

Summary

Senate Resolution 26 (SR26) seeks to establish a task force to evaluate the potential for blockchain technology and cryptocurrency within the State of Hawaii. The resolution underscores the transformative potential of blockchain as a decentralized ledger technology capable of streamlining public sector operations and enhancing private industry functionalities. It emphasizes the advantages of blockchain, including reduced transaction costs through peer-to-peer operations, decreased human error, and enhanced data security. Proponents anticipate that the adoption of this technology can lead to significant improvements in various government applications such as land registration, identity management, and voting systems.

Contention

While the resolution aims to promote innovation, there may be varying opinions regarding the regulation of cryptocurrency and blockchain technology within state governance. Critics could point out the risks of adopting an unregulated cryptocurrency market, which might expose users and investors to excessive risks, fraud, or market volatility. Moreover, there will likely be discussions regarding how blockchain technology would impact current regulations and the possible challenges in creating a comprehensive regulatory framework that effectively oversees this rapidly evolving sector.

Companion Bills

HI SCR31

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 SB1577

Relating To The Department Of Commerce And Consumer Affairs.

HI SR68

Requesting The Director Of Commerce And Consumer Affairs To Convene A Working Group To Study And Devise Comprehensive Strategies To Restore Accessible Insurance Options To Residents And Commercial Businesses In Lava Zones 1 And 2.

HI SCR82

Requesting The Director Of Commerce And Consumer Affairs To Convene A Working Group To Study And Devise Comprehensive Strategies To Restore Accessible Insurance Options To Residents And Commercial Businesses In Lava Zones 1 And 2.

HI HCR175

Requesting The Director Of Commerce And Consumer Affairs To Convene A Working Group To Study And Devise Comprehensive Strategies To Restore Accessible Insurance Options To Residents And Commercial Businesses In Lava Zones 1 And 2.

HI HR155

Requesting The Director Of Commerce And Consumer Affairs To Convene A Working Group To Study And Devise Comprehensive Strategies To Restore Accessible Insurance Options To Residents And Commercial Businesses In Lava Zones 1 And 2.

HI SR22

Requesting The Department Of Labor And Industrial Relations To Convene An Interagency Task Force To Combat The Underground Economy And Employee Misclassification In The State's Construction Industry.

HI SR42

Requesting The Department Of Education To Convene The Erin's Law Task Force.

HI SR29

Requesting The Department Of Labor And Industrial Relations And Workforce Development Council To Establish A Task Force To Conduct A Comprehensive Study Of The State's Current Education And Workforce Development Programs.

HI SR117

Requesting The Department Of Health To Establish A Housing Equity And Wellness Task Force.

HI HB1743

Relating To Regulation By The Department Of Commerce And Consumer Affairs.

Similar Bills

HI SCR31

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.

VA SB439

Blockchain and cryptocurrency; Joint Commission on Technology & Science to examine use, etc.

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