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Written by Keeley Quinlan
In a 67-page report released Friday, the New Hampshire Commission on Virtual Currency and Digital Assets made 12 recommendations urging lawmakers to take a positive stance on creating a new legal framework for blockchain technology. rice field.
Recommendations included creating a pathway for cryptocurrency companies to obtain corporate status and establishing a “blockchain dispute record” within the New Hampshire Superior Court.
The commission, established in February 2022 by executive order of Gov. made recommendations on how to respond. Evolving technology.
The final report was unanimously approved in December, with the two members working for state agencies responsible for administering laws that may apply to cryptocurrency activities, such as the NH Ministry of Justice and the NH Banking Authority. I abstained because
The current regulation and treatment of crypto assets in federal and state law is unclear, according to the report. While the report states that cryptocurrencies offer unique economic and innovative opportunities, blockchain’s involvement in unregulated markets and the recent rise of cryptocurrency exchange and hedge fund FTX It also mentions misconduct such as Sam Bankman-Fried’s mishandling of customer funds that led to its collapse.
“However, as developments throughout 2022 show, one of the largest Crypto exchanges has committed a criminal scam by its founder and CEO, formerly one of the most prominent figures in the Crypto ecosystem. , including when it collapsed amid claims that it resulted in billions of dollars in losses (dollars in client assets), applying these techniques to real people in real life has been around for centuries. subject to the same human vulnerabilities (greed, jealousy, arrogance, ignorance, incompetence, carelessness, naivety) that have plagued the community of It has been done,” the report read.
To combat these potential pitfalls, the Crypto Commission recommends an enterprising approach for New Hampshire to “build a better legal infrastructure for the sound development of blockchain technology and its applications.” recommended to take
“New Hampshire should be a leader when it comes to supporting the development of sound blockchain-based businesses and applications through the enactment of clear and sound legal regulations,” the report said.
The Commission’s report sets out 12 specific recommendations. In addition to giving crypto companies limited liability legal status and creating specific courts to rectify disputes, the report provides resources to law enforcement agencies for training to protect consumers and investors. We recommend that you provide
To bolster the state’s appeal to new technology, the report established a task force in states to evaluate ways to improve current systems for filing and storing official government records using blockchain technology. and recommended that the communication infrastructure be hardened to support the applications. blockchain technology.
New Hampshire isn’t the only state or local government looking at ways to curb cryptocurrencies and blockchain technology or make it more attractive to set up shops. In 2016, Illinois established the Blockchain Initiative to explore the potential use of blockchain in government. For example, Colorado now accepts tax payments in cryptocurrencies.
Some cities, such as Miami, have gone even further with blockchain integration and launched their own digital coin, Miamicoin. Others, including Austin and Philadelphia, are eyeing the potential.
In a press release, Sununu created a committee for recommendations “to promote economic growth, foster innovation and meet changing customer needs while ensuring safety, health and consumer protection.” said.
“This report is comprehensive and timely, clarifying current legislation and including proposals to assist law enforcement in their efforts to protect New Hampshire, making New Hampshire a better place for the development of sound and effective applications of blockchain technology. We provide specific recommendations to establish it as the primary jurisdiction for consumers and investors,” Sununu said.
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