Governor Chris Sununu Creates Governor’s Commission on Cryptocurrencies and Digital Assets

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Concord, NH – Today Governor Chris Sununu signed Executive Order 2022-1, an executive order establishing the Governor’s Commission on Cryptocurrencies and Digital Assets.

“New Hampshire is a hub of financial innovation, and this executive order will reinforce our commitment to attracting high-quality banking and financial businesses in a safe and responsible manner,” Governor Chris Sununu said. “I am excited about the work this commission will undertake and the recommendations it will provide so that New Hampshire can continue to advance needed reforms that promote economic growth, foster innovation, and meet changing customer needs while ensuring safety, soundness and consumer protection. ”

This new commission will be responsible for:

  • Examine and investigate the current state of the cryptocurrency and digital asset industry, as well as the underlying technologies supporting the development of the industry.
  • Review and investigate the current state of US federal and state laws and regulatory rules, as well as laws of other non-US jurisdictions, applicable or potentially applicable to banks and other businesses that provide crypto services -currencies and other digital assets.
  • Hold public hearings to hear testimony on 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.
  • Make findings and determinations regarding the role and effectiveness of current state laws and regulations governing cryptocurrencies and other digital assets and why changes and improvements to such laws and regulations are needed, taking into account 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 potential impacts on the financial system; and
    • the effect on the privacy and liberty rights of citizens and the interests of taxpayers and other affected persons.
  • Make recommendations for specific changes and improvements to these laws and regulations and how to support the ability of state departments and agencies to implement these regulations.
  • Support any bill or regulation

The composition of the committee will be as follows:

  • the Attorney General or his agent;
  • the Commissioner of the Bank Department, or his representative;
  • a state senator recommended by the president of the Senate;
  • a state representative recommended by the Speaker of the House;
  • a representative of the New Hampshire Bankers Association who is a resident of the State of New Hampshire, appointed by and serving at the pleasure of the Governor;
  • a representative of the Cooperative Credit Union Association who resides in the State of New Hampshire, appointed by the Governor and serves at the pleasure of the Governor;
  • three public members with proven experience in cryptocurrencies, digital assets, and providing services to institutions or consumers with respect to digital assets, appointed by and serving at the pleasure of the Governor; and
  • three additional members, appointed by and serving at the pleasure of the Governor.

Note: The Commission will submit a report of its findings, decisions, and recommendations to the Governor, Speaker of the House, and Speaker of the Senate within 180 days.

A copy of the executive order can be found here.

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