New Hampshire Governor Chris Sununu has released a report from the commission he set up in 2022 to examine the pros and cons of cryptocurrencies.
The report is the culmination of a year-long study conducted by the Governor’s Commission on “Cryptocurrencies and Digital Assets” and offers some interesting insights. In its executive summary, the committee submitted that cryptocurrencies are uncertain and pose significant risks to investors in the industry.
“This report is comprehensive, timely, and offers concrete recommendations that establish New Hampshire as a leading jurisdiction for the development of sound and effective applications of blockchain technology,” said Sununu. says Mr.
The report identified several trends in the ecosystem, including the rise of blockchain technology as a “significant technological innovation with many potentially important applications in human society and the economy.” It cites the use of technology in the areas of decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized applications (DApps) and the metaverse.
Given the spread of new technology, the commission recommended that New Hampshire legislators take the initiative to establish a regulatory framework to protect investors. The commission noted that applying the report’s recommendations could well make New Hampshire an “attractive jurisdiction” for innovators in the cryptocurrency industry.
“To ensure that long-standing rules, including rules designed to protect consumers and investors, are clearly and effectively applied to applications using cutting-edge blockchain technology, the Commission said. In addition, we have explicitly considered how the current legal infrastructure requires reform,” said Commission Chairman Bill Erdinger.
come in the middle of chaos
The Governor’s Commission on Cryptocurrencies and Digital Assets report was released on the heels of the major turmoil facing cryptocurrencies in the United States. The collapse of FTX has thrown the local ecosystem into turmoil as federal regulators and state governments rapidly changed their strategies for dealing with the asset class.
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The report recommends that regulators such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) implement aggressive enforcement proceedings against industry bad actors.
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