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

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

“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,” said Governor Chris Sununu. “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.”

This new commission will be tasked with:

• Reviewing and investigating the current status of the cryptocurrency and digital asset industry, and the underlying technologies supporting development of the industry.
• Reviewing and investigating the current status of United States federal and state laws and regulatory rules, and laws of other non-United States jurisdictions, applicable, or potentially applicable, to banks and other businesses that provide services with respect to cryptocurrencies and other digital assets.
• Holding public hearings to hear testimony regarding 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.
• Making findings and determinations regarding the role and effectiveness of current state laws and regulations governing cryptocurrencies and other digital assets and the reasons why modifications and improvements to such laws and regulations are necessary, addressing 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 the potential impacts on the financial system; and
  • the effect on privacy and liberty rights of citizens and interests of taxpayers and other persons affected.
• Making recommendations for specific modifications and improvements to such laws and regulations and with respect to how to support the capacity of State departments and agencies to implement such regulations.
• Supporting any proposed legislation or regulations

The membership of the commission will be as follows:

• the Attorney General, or designee;
• the Commissioner of the Bank Department, or designee;
• one state senator recommended by the Senate President;
• one state representative recommended by the Speaker of the House;
• one 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;
• one representative of the Cooperative Credit Union Association who is a resident of the State of New Hampshire, appointed by and serving at the pleasure of the Governor;
• three public members with recognized experience with cryptocurrencies, digital assets and the provision of 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 containing its findings, determinations and recommendations to the Governor, the Speaker of the House, and the President of the Senate within 180 days.

A copy of the Executive Order can be found here.