New Hampshire gov releases report on blockchain following executive order

Chris Sununu, the governor of New Hampshire, has launched the outcomes of an investigation from a ​​fee aimed at recommending legislation round digital belongings and blockchain as a part of a 2022 executive order.

In a Jan. 19 announcement, Sununu said the Commission on Cryptocurrencies and Digital Assets had reported the authorized and regulatory standing of cryptocurrencies and digital belongings was “extremely unsure,” stymying growth and resulting in much less safety for buyers and customers. The group really useful New Hampshire set up a state authorized regime aimed toward drawing in blockchain corporations and people.

According to the report, despatched to the governor on Dec. 22, the fee considered the human think about its suggestions, alluding to the collapse of FTX and the arrest of its former CEO Sam Bankman-Fried — i.e. “felony fraud ensuing within the lack of billions of {dollars} of buyer belongings”. Specifically, it really useful establishing authorized standing for decentralized autonomous organizations, or DAOs, placing funds into the state’s court docket system for resolving disputes involving blockchain points, and inspiring the federal government’s banking division to offer “clear, public and proactive steering” on how monetary establishments could deal with digital belongings.

“New Hampshire ought to take robust pro-active and public steps to construct a greater authorized infrastructure for sound growth of Blockchain applied sciences and its functions,” stated the report.

The group concluded with the following:

“The Commission expects that Blockchain applied sciences will proceed to evolve and develop, and change into extra built-in into our society and financial system […] this subsequent section of growth must be achieved not solely by means of improvements in laptop software program protocols, but in addition must be accompanied by enhancements within the authorized infrastructure that essentially operates in parallel with these actions.”

Related: Tennessee lawmaker introduces bill which would allow state to invest in crypto

Sununu referred to the report as “complete and well timed”. Other U.S. state governors have pushed efforts to establish regulatory clarity for crypto and blockchain, together with California, whereas New York Governor Kathy Hochul stood behind a proposal to ban crypto mining operations not primarily based on 100% renewable power.