Signed by Governor David Ige

Vote Smart's Synopsis:

Vote to adopt a conference report and pass a bill that establishes a blockchain and cryptocurrency task force.

Highlights:

• Establishes a blockchain and crypto currency task force to be placed within the department of commerce and consumer affairs (Sec. 1).

• Requires task force to complete the following: (Sec. 1):

• Meet as often as the co-chairpersons deems necessary;

• Review data and other aspects of the blockchain and cryptocurrency industry throughout the country;

• Recommend appropriate licensure requirements and a regulatory framework for this evolving industry;

• Observe and monitor past and current activities;

• Analyze how the current framework of the Hawaii digital currency innovation lab fits into the State’s financial environment;

• Consider aspects of the Hawaii digital currency innovation lab that may be effective and practical in the implementation of the recommended regulatory framework;

• Compile an overview of potential legislation;

• Solicit ideas and opinions of industry experts on additional legislation; and 

• Submit a report of its findings and recommendations.

• Authorizes Act to take effect upon approval (Sec. 2).

Full Bill Text