Cedric Gates voted Yea (Passage) on this Legislation.
Title: Establishes a Crypto Currency Regulation Program within the Department of Commerce and Consumer Affairs Division of Financial Institutions
Vetoed by Governor Josh Green
Title: Establishes a Crypto Currency Regulation Program within the Department of Commerce and Consumer Affairs Division of Financial Institutions
Vote to pass a bill that establishes within the Department of Commerce and Consumer Affairs Division of Financial Institutions, a program for the licensure, regulation, and oversight of special purpose digital currency companies.
Alleges that the cryptocurrency industry has little regulation (Sec. 1).
Alleges that a new regulatory framework is needed to confront the issue as determined by the Hawaii Digital innovation lab (Sec. 1).
Defines terms related to cryptocurrency (Sec. 2).
Exempts individuals who exchange, transfer, or store cryptocurrency following the regulations set in the SEC act of 1934 (Sec. 2).
Exempts individuals who only provide connectivity software (Sec. 2).
Specifies that the commissioner has the power to determine all other exemptions to the state regulations (Sec. 2).
Establishes the powers of the Commissioner (Sec. 2).
Specifies that an individual may not engage in digital currency business activities unless the person has been licensed in the state of Hawaii (Sec. 2).
Specifies that any malfeasances to the new regulations will be payments made out to the compliance resolution fund (Sec. 2).
Specifies that the commissioner may enter into a relationship with the NMLS to collect information and maintain records (Sec. 2).
Specifies that the commissioner can use the information presented to determine whether a person demonstrated general fitness for licensure (Sec. 2)
Establishes a regulatory framework that will requires a licensee provided cybersecurity program to ensure licensees sensitive data is protected as well as other individuals (Sec. 2).
Title: Establishes a Crypto Currency Regulation Program within the Department of Commerce and Consumer Affairs Division of Financial Institutions
Vote to pass a bill that establishes within the Department of Commerce and Consumer Affairs Division of Financial Institutions, a program for the licensure, regulation, and oversight of special purpose digital currency companies.
Alleges that the cryptocurrency industry has little regulation (Sec. 1).
Alleges that a new regulatory framework is needed to confront the issue as determined by the Hawaii Digital innovation lab (Sec. 1).
Defines terms related to cryptocurrency (Sec. 2).
Exempts individuals who exchange, transfer, or store cryptocurrency following the regulations set in the SEC act of 1934 (Sec. 2).
Exempts individuals who only provide connectivity software (Sec. 2).
Specifies that the commissioner has the power to determine all other exemptions to the state regulations (Sec. 2).
Establishes the powers of the Commissioner (Sec. 2).
Specifies that an individual may not engage in digital currency business activities unless the person has been licensed in the state of Hawaii (Sec. 2).
Specifies that any malfeasances to the new regulations will be payments made out to the compliance resolution fund (Sec. 2).
Specifies that the commissioner may enter into a relationship with the NMLS to collect information and maintain records (Sec. 2).
Specifies that the commissioner can use the information presented to determine whether a person demonstrated general fitness for licensure (Sec. 2)
Establishes a regulatory framework that will requires a licensee provided cybersecurity program to ensure licensees sensitive data is protected as well as other individuals (Sec. 2).
Title: Establishes a Crypto Currency Regulation Program within the Department of Commerce and Consumer Affairs Division of Financial Institutions