New Hampshire Governor’s Commission on Cryptocurrencies and Digital Assets Releases Final Report and Recommendations (January 2023)

Governor Chris Sununu has released the final report and recommendations compiled by the Governor’s Commission on Cryptocurrencies and Digital Assets. 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.

Abstract:

“Among the findings of the Commission’s report, as presented in the Executive Summary: 

Blockchain technology (digital databases secured by cryptographic software protocols distributed across connected computers) appears to be an important technical innovation with many potentially important applications in our human societies and economies; 

The legal and regulatory status of Blockchain technologies and applications such as Cryptocurrencies and Digital Assets is highly uncertain, and this legal and regulatory uncertainty is materially undermining innovation and economic development of new technologies, activities, and industry, and protections for investors and consumers; 

New Hampshire government (Governor, Legislature, Executive Branch agencies and courts of our Judicial Branch) should devote resources to establishing a state legal regime that will offer an attractive jurisdiction for the best responsible Blockchain innovators, entrepreneurs and businesses, while protecting investors and consumers who use their applications;

The Commission invited presentations from persons who are expert in the bitcoin mining process to examine concerns about the environmental impact of Bitcoin mining. These presentations indicated that the unique, interruptible nature of bitcoin mining’s electricity demand may actually offer stabilizing benefits to electrical grids and even encourage the development of new energy resources (including renewables)..”

19 January 2023

REPORT OF GOVERNOR SUNUNU’S COMMISSION ON CRYPTOCURRENCIES AND DIGITAL ASSETS, December 2022 (Released 19 January 2023)