The governor of New Hampshire has set up a state commission on cryptocurrency and digital assets that will review and investigate the status of the cryptocurrency and digital asset industry.
Governor Chris Sununu is a member of the Republican party, and has served as the 82nd governor of New Hampshire since 2017. Sununu cited the ““rising use and acceptance” of crypto as a crucial factor in his decision to set up the commission.
On wednesday Executive Order 2022-1 was issued by the New Hampshire Governor’s office, which outlined the purpose of the commission and how it will operate. The executive order set out the length of time the commission would have to submit an official report, which will consist of 180 days to review and investigate the “current status of the cryptocurrency and digital asset industry”.
“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,” sununu noted in a statement .
The order also noted that the state and federal government “must work to bring legal and regulatory certainty” with governor Sununu adding:
“[Cryptocurrency] is complex and a lot of people are buying and selling it on the market. But it is a currency that doesn’t have a whole lot of regulation around it.”
Members of the commission will include the State Attorney General, Commissioner of the Bank Department, a state senator, a state representative, a representative of the New Hampshire Bankers Association, and a representative of the Cooperative Credit Union Association.
Sununu outlined that “three public members with recognized experience with cryptocurrencies, digital assets and the provision of services to institutions or consumers with respect to digital assets,” will be involved in the commission, as well as three appointees.
“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.” Sununu added.
The commission seems to be reflective of the US government’s attempts to increase their regulatory purview of the industry, as the nascent industry continues to expand and gain institutional recognition and backing.