New Hampshire’s Crypto Commission Releases Its Final Report

  • The report’s final version was authorized by the Commission on 21 December 2022.
  • The Commission reports New Hampshire’s crypto regulatory stance as “unclear” and “unsatisfactory.” 

On The month of january 19, Nh Governor Chris Sununu announced the discharge from the Governor’s Commission’s final set of cryptocurrencies and digital assets. The “comprehensive” and “timely” crypto report compiled the Commission’s findings and suggestions around the progress of blockchain technologies and also the state’s legal stance.

Within the report, the Commission expressed dissatisfaction using the state’s “unclear” and “highly uncertain” crypto regulatory framework. Thus, it relates to a “strong call to action” by policymakers regarding crypto and blockchain rules. 

Governor’s Crypto Commission concluded:

“New Hampshire must take strong pro-active and public steps to construct a much better legal infrastructure for seem growth and development of Blockchain technologies and it is applications.”

By executive order, Governor Chris Sununu established this Commission in Feb 2022 like a special task pressure to research the present status from the cryptocurrency and digital asset industry and also the underpinning technologies. Considerably, the Commission’s core purpose  ended up being to recommend findings concerning the role from the state’s legislation within the “innovations involving Blockchain technologies.”

Significant Popular features of the Crypto Report

Clearer levels of decentralization, “sound laws and regulations and regulations” on crypto assets, that has been enhanced “Crypto-asset literacy” were the best needs from the crypto commission. Particularly,  it acknowledges blockchain technologies as early innovations and potential tools to change human societies and economies.

The report also portrayed the Commission’s criticisms from the wavering levels of decentralization within the blockchain-powered ecosystem. The regulators considered bad actors at centralized firms like Mike Bankman-Fried as bugs within the economic climate. The turmoil brought on by the FTX collapse compels the Commission to induce the Nh government in executing clearer crypto laws and regulations and rules to guard its citizens and financial hub.

Governor’s Commission stored forth twelve recommendations to solve the crypto-related matters. First of all, it emphasized the requirement for a condition legal enterprise law for Decentralized Autonomous Organizations (DAOs). Next, it suggested the introduction of a Blockchain Dispute Docket inside the state’s judicial system for solving blockchain-related business and commercial disputes. Thirdly, a requirement for any specialized Uniform Commercial Code (UCC) because the rulebook for transactions associated with digital assets including Cryptocurrencies and NFTs is created.

To focus on a couple of more – the Commission also advised strengthening securities laws and regulations and applying tax laws and regulations on blockchain assets and tokens. Surprisingly, the Commission recognizes the advantages that blockchain or Bitcoin mining could possibly offer to electricity generation and alternative energy projects. It also suggested that policymakers explore and bridge projects with blockchain mining companies.

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