Relative to the use of and disputes over blockchain and digital currencies.
One of the key components of the bill is the creation of a blockchain dispute docket within the existing court system. This specialized docket would handle cases specifically related to blockchain technology, facilitating more efficient judicial processes for resolving disputes in this complex area. It establishes that claims associated with blockchain dealings, such as breaches of contract or fiduciary duties, will fall under this docket’s purview. Furthermore, the bill delineates the responsibilities of the presiding justice for this docket, aiming to ensure that knowledgeable judges handle these cases.
House Bill 639 aims to establish a legal framework for the use of blockchain technology and digital currencies in New Hampshire. The bill articulates a clear purpose, recognizing blockchain as a significant innovation that requires regulatory clarity to foster consumer confidence and stimulate investment. It proposes to position New Hampshire as a favorable jurisdiction for blockchain-related businesses by addressing the legal uncertainties that currently impede the growth of this sector.
However, the bill has sparked some contention, particularly regarding the limitations it places on regulatory authority. Critics argue that it effectively diminishes the Bureau of Securities' ability to oversee digital asset mining and staking services, categorizing them as non-securities and preventing necessary regulatory checks. This creates concerns about the potential for unmonitored activities in the digital asset space, which could expose consumers and investors to risks. The ambiguity regarding jurisdiction and court processes related to cryptocurrencies and smart contracts further raises apprehensions about the adequacy of protections offered under this new legislation.