U.S. states are exploring the utility of blockchain technology more and more, including Hawaii, which approved the establishment of a task force to examine bitcoin and Web3 technology.
As cryptocurrencies become more and more popular, governments worldwide are trying to regulate and use digital assets such as bitcoin. New technology can positively impact the development of many industries in each country. Today, the Hawaii State Senate approved SB2695, which was signed by Senators Donovan Dela Cruz and Rosalyn “Roz” Baker.
Joe Biden, the U.S. president, signed an executive order titled “Ensuring responsible development of digital assets,” aimed at protecting U.S. citizens from fraud without hindering innovation.
Many state governments are following the same path. For example, the governor of Florida recently announced that the state would allow people to pay taxes using cryptocurrencies. Texas will support cryptocurrency adoption, and one of its cities will mine digital coins. During the Bitcoin 2022 conference, the mayor of Miami said that he wanted bitcoin incorporated into every aspect of social life.
Hawaii Forms Cryptocurrency Task Force
As part of Hawaii’s bill, a task force will review how public administrations can regulate blockchain and cryptocurrency technology, provide oversight, and potentially leverage the technology. It will also review data from other states, and it hopes to develop a “plan to expand blockchain adoption in both the private and public sectors.”
This working group will include both officials and professionals in the Web3 space and university professors specializing in cryptocurrencies. The Senate and Governor will choose the members of the task force. The study results will be published before the start of the 2024 legislative session, at which point the task force will finish its work and dissolve.