...SMALL CRAFT ADVISORY NOW IN EFFECT UNTIL 6 PM HST WEDNESDAY...
* WHAT...East winds 15 to 25 kt, except north wind in Maalaea Bay.
* WHERE...Oahu Leeward Waters, Kaiwi Channel, Maui County
Windward Waters, Maalaea Bay, Pailolo Channel, Alenuihaha
Channel, Big Island Leeward Waters and Big Island Southeast
Waters.
* WHEN...Until 6 PM HST Wednesday.
* IMPACTS...Conditions will be hazardous to small craft.
PRECAUTIONARY/PREPAREDNESS ACTIONS...
Inexperienced mariners, especially those operating smaller
vessels, should avoid navigating in these conditions.
&&
FILE - In this Feb. 9, 2021, file photo, the Bitcoin logo appears on the display screen of a cryptocurrency ATM in Salem, N.H. Alternative finance has captured the attention of investors across the U.S. As the 2022 tax season approaches, traders who are new to cryptocurrency taxation will have to contend with the IRS’ rules for reporting on taxable events. (AP Photo/Charles Krupa, File)
FILE - An advertisement of Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021. Cryptocurrency executives went to Capitol Hill on Wednesday, Dec. 8, 2021, to say their fast-growing industry understands more regulation is likely coming, but they don’t want it to squelch the next wave of the internet or send it offshore to other countries.(AP Photo/Kin Cheung, File)
Matthew has been the digital content manager for KITV4 since September 2021. Matthew is a prolific writer, editor, and self-described "newsie" who's worked in television markets in Oklahoma, California, and Hawaii.
FILE - In this Feb. 9, 2021, file photo, the Bitcoin logo appears on the display screen of a cryptocurrency ATM in Salem, N.H. Alternative finance has captured the attention of investors across the U.S. As the 2022 tax season approaches, traders who are new to cryptocurrency taxation will have to contend with the IRS’ rules for reporting on taxable events. (AP Photo/Charles Krupa, File)
HONOLULU (KITV4) -- Several bill proposals under consideration in the legislature this session look to make Hawaii more cryptocurrency-friendly.
Sen. Bennette Misalucha, Sen. Glenn Wakai, and Rep. Patrick Pihana Branco are leading the efforts to get Hawaii state lawmakers to consider the cryptocurrency-related legislation.
The trio has crafted four bills they say will make Hawaii a more conducive place for cryptocurrency exchanges.
“I think it’s time to get Hawai‘i on the map for cryptocurrency exchanges and become a place for this industry to grow locally and thrive,” said Sen. Wakai, who chairs the Senate Committee on Energy, Economic Development, and Tourism.
A rundown of each piece of legislation is included at the bottom of this article.
Most US states have introduced cryptocurrency-related bills in 2022, especially as it concerns rules and regulations. Hawaii, however, is regarded among the worst states in the country for crypto transactions.
“Hawai‘i is one of the worst states for cryptocurrency, which has led some exchanges such as Coinbase and Robinhood to opt out of doing business in the state,” Rep. Branco said.
FILE - An advertisement of Bitcoin, one of the cryptocurrencies, is displayed on a building in Hong Kong, on Nov. 18, 2021. Cryptocurrency executives went to Capitol Hill on Wednesday, Dec. 8, 2021, to say their fast-growing industry understands more regulation is likely coming, but they don’t want it to squelch the next wave of the internet or send it offshore to other countries.(AP Photo/Kin Cheung, File)
Kin Cheung
The bills being introduced aim to improve the state’s reputation in the cryptocurrency realm by creating a regulatory task force and allowing state agencies to accept virtual currency as payment, among other things.
“Hawai‘i can really become a leader in the world of cryptocurrencies if we took the right, necessary steps to appropriately regulate and monitor its growth and potential. The bills I introduced along with Senator Wakai and Representative Branco aim to provide various steps towards that goal and I hope my colleagues will join us in supporting Hawai‘i’s growing influence in this economic sector,” Sen. Misalucha said.
The bills introduced by Misalucha, Wakai, and Branco are as follows:
SB2695 – Establishes a Blockchain and Cryptocurrency Task Force.
SB2696 – Allows the Director of Finance to authorize any state agency to enter into virtual currency payment agreements with persons or virtual currency issuers to provide the acceptance of convertible virtual currency as a means of payment. Allows any state agency that enters into a virtual currency agreement with a person or virtual currency issuer as authorized by the Director of Finance to accept convertible virtual currency.
HB2287/SB2697 – Excludes the electronic transfer of virtual currency through virtual currency companies and cryptocurrency companies from the Money Transmitters Act.
SB2698 – Prohibits any encumbrance on the right to own, possess, and use any medium of exchange.
In addition to those bills, the Department of Commerce and Consumer Affairs Division of Financial Institutions has also crafted bills to establish a program for the licensure, regulation, and oversight of digital currency companies, state officials said.
North Korean hackers stole nearly $400 million worth of cryptocurrency in 2021, making it one of the most lucrative years to date for cybercriminals in the severely isolated country, according to a new report.
Do you have a story idea? Email news tips to news@kitv.com
Matthew has been the digital content manager for KITV4 since September 2021. Matthew is a prolific writer, editor, and self-described "newsie" who's worked in television markets in Oklahoma, California, and Hawaii.
