As interest in cryptocurrencies and NFTs mounts around the world, Hawaii’s State Senate has approved bill ‘SB2695‘. It is designed to give more liberty to blockchain technology research and to show how the effects on general public would be. The bill was signed by two committees in the Hawaii Senate – ‘Ways and Means (WAM)’ and ‘Commerce and Consumer Protection (CPN)’.

Two years of deep crypto research

The Hawaiian legislation, ‘A Bill for an Act Related to Cryptocurrency’, will focus on state regulations and providing deep analysis of the blockchain technology already being put into practice in other parts of the world, as well as in other states of the U.S.

Additionally, members of Web 3.0, researchers and professors from Hawaii University and representatives of the state government have been selected to make up the task force. This task force was created with two years of time to compile and present a report. Its ultimate goal is to form a consensus on crypto policy by the commencement of the 2024 legislative session.

“The legislature decided to create its own task force for further research. This caused confusion and frustration among all those who took part in the regulatory sandbox. Now, they are looking to shut down accounts and start over. https://t.co/E8ForgrA9m

— Ryan Kawailani Ozawa (@hawaii) May 2, 2022

Blockchain Technology is a hot topic in the United States

Just two months ago, President Joe Biden signed a bill for ‘Ensuring Responsible Development of Digital Assets’, which is expected to save a lot of Americans from potential cryptocurrency-related scams, while still being able to take innovation in stride.

There’s at least 37 states currently researching blockchain technology and considering new regulation laws, including the capital, Washington, D.C.

In 2021, the House approved a bill called ‘Eliminate Barriers to Innovation Act of 2021’. After a variety of government officials agreed that crypto was rapidly growing in popularity throughout the country, but regulations surrounding it remained vaguely defined, this legislation was adopted.

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