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New Hampshire Governor Chris Sununu announced that a commission he formed last year to study digital assets and blockchain has released its report.
The Commission on Cryptocurrencies and Digital Assets found that the legal and regulatory status of crypto and digital assets is uncertain, hindering development and not providing enough protection for investors and consumers.
The commission recommended that New Hampshire create a legal framework to attract blockchain companies and individuals, which includes recognizing decentralized autonomous organizations (DAOs) legally, setting up a system within the state’s court system to resolve disputes related to blockchain, and encouraging the state’s banking department. to provide clear guidance to financial institutions on how to handle digital assets.
The report, delivered to the governor on December 22, says the commission took into account potential problems that could arise with respect to the people involved in the industry, citing the collapse of FTX and the arrest of its former CEO Sam Bankman-Fried, who was charged with fraud that resulted in the loss of billions of dollars of customer funds.
The report recommends that New Hampshire take proactive steps to establish a strong legal framework to support the secure development of blockchain technology and its applications.
The report concludes by stating that the commission believes blockchain technology will continue to develop and become more ingrained in society and the economy. It emphasizes that this next stage of development should not only involve advances in computer software protocols, but also improvements to the legal framework necessary to work alongside these advances.
Governor Sununu described the report as thorough and well timed. He also mentioned that other governors in the United States have been working to establish clear rules for crypto and blockchain, such as in California, while New York Governor Kathy Hochul has supported a proposal to ban crypto mining that is not powered by 100 percent renewable energy.
The author is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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