Last week, New Hampshire Governor Chris Sununu signed an executive order that establishes a Commission to review crypto and digital assets. the Goal is to support innovation in the state.
The Governor stated:
“New Hampshire is a hub of financial innovation, and this Executive Order will further our commitment to attracting high quality banking and financial businesses in a safe and responsible manner. I am excited for the work this Commission will undertake and the recommendations they will provide so that New Hampshire can continue to advance necessary reforms that promote economic growth, foster innovation, and meet changing customer needs while ensuring safety, soundness, and consumer protection.”
An outline was provided on the mission of the Commission:
- Reviewing and investigating the current status of the cryptocurrency and digital asset industry, and the underlying technologies supporting development of the industry.
- Reviewing and investigating the current status of United States federal and state laws and regulatory rules, and laws of other non-United States jurisdictions, applicable, or potentially applicable, to banks and other businesses that provide services with respect to cryptocurrencies and other digital assets.
- Holding public hearings to hear testimony regarding the development of cryptocurrency and digital asset economies and appropriate regulatory regimes from business, finance, academic, and non-profit sectors, government and regulatory officials, owners of digital assets and consumers of digital asset financial services.
- Making findings and determinations regarding the role and effectiveness of current state laws and regulations governing cryptocurrencies and other digital assets and the reasons why modifications and improvements to such laws and regulations are necessary, addressing factors such as:
- the effect on innovation, and the effect on the economic competitiveness of the State of New Hampshire and the United States;
- the effect on the use of and access to digital assets and the potential impacts on the financial system; and
- the effect on privacy and liberty rights of citizens and interests of taxpayers and other persons affected.
- Making recommendations for specific modifications and improvements to such laws and regulations and with respect to how to support the capacity of State departments and agencies to implement such regulations.
- Supporting any proposed legislation or regulations
The Commission will include various public and private individuals including three public members with experience in the digital asset sector. A report is expected to be submitted to the state government within 180 days.