CONCORD, N.H.—New Hampshire Gov. Chris Sununu has released a blockchain report calling for robust regulation of blockchain technology.
Sununu made public the report from a commission he formed in 2022 to explore the pros and cons of virtual currency.
The report was the culmination of the year-long study undertaken by the Governor’s Commission on “Cryptocurrencies and Digital Assets,” according to the state.
“In the executive summary, the commission submitted that virtual currencies were uncertain and posed significant risks for investors in the industry,” CoinGeek said.
Added Sununu, “This report is comprehensive and timely, providing specific recommendations that would establish New Hampshire as a leading jurisdiction for the development of sound and effective applications of blockchain technologies.”
Trends Identified
The report identified several trends in the ecosystem, including the rise of blockchain technology as an “important technical innovation with many potentially important applications in our human societies and economies.” It cited the uses of the technology in the fields of decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized applications (DApps), and the metaverse.
“Given the pervasiveness of the new technology, the commission recommended that New Hampshire legislators should seize the initiative to establish a regulatory framework to protect investors,” CoinGeek said in its review. “The commission noted that applying the recommendations in the report would give New Hampshire a fair chance at becoming an ‘attractive jurisdiction’ for innovators in the virtual currency industry.”
Legal Framework Reviewed
Commission Chair Bill Ardinger noted the Commission “expressly examined how the current legal infrastructure requires reform to ensure that longstanding rules, including rules designed to protect consumers and investors, may be clearly and effectively applied to applications that use cutting-edge blockchain technology.”
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