As crypto is becoming more of a mainstream thing, the Hawaii State Senate keeping this in mind has recently passed a bill (SB2695) with the signatures of Senator Donovan Dela Cruz and Senator Rosalyn “Roz” Baker to establish a crypto and blockchain task force.

Well, this bill was mainly believed to be passed due to an executive order passed in March by the American President, Joe Biden. The objective of that executive order was to Ensure the Responsible Development of Digital Assets. In simple words, it means the main objective is to set up a regulatory framework to ensure that the American citizens don’t get caught up in any crypto scam while also keeping in mind not to stifle the innovations coming from this sector. Hence, it is believed that Hawaii has passed the bill in accordance with the President’s executive order.

How Will The New Task Force Be Set Up & What Are Its Objectives?

The task force is said to consist of people from the government, members of the WEB3 space and Professors from the University of Hawaii, specializing in this sector. Further, all the above members will be finalised by the Senate and the governor.

The primary objective of this task force is to provide oversight and find out potential uses of crypto and blockchain tech via researching the available data in the market. This also includes conducting censuses among the common public and other various organisations from different sectors to get their views on the matter with the end goal of creating a clear review on the whole thing that the state can utilise in regulating crypto and also promote the innovations from this sector.

The Task Force has been given the deadline to report their findings before the 2024 legislative session begins, at which point the group will be dissolved.

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