S.B. 2695 Summary

• Establishes a blockchain and cryptocurrency task force to be administratively placed within the Department of Commerce and Consumer Affairs.

• Task force membership consists of 14 members including two legislative co-chairs, three state directors, and representatives from Hawaii-based cryptocurrency companies, banks, exchanges, blockchain firms, universities, and industry associations.

• Task force shall review blockchain and cryptocurrency industry data, recommend licensure requirements and regulatory framework, monitor the Hawaii digital currency innovation lab sandbox program, and compile potential legislation.

• Task force must submit findings, recommendations, and proposed legislation to the legislature no later than twenty days before the 2023 regular legislative session convenes, then dissolve.

• Task force members receive no compensation but are reimbursed for necessary expenses and are exempt from Hawaii's conflict of interest law (Chapter 84, HRS) solely due to their participation.