Governor’s Commission on Cryptocurrencies and Digital Assets Releases Final Report and Recommendations

Concord, NH – Today, Governor Chris Sununu released the final report and recommendations compiled by the Governor’s Commission on Cryptocurrencies and Digital Assets.

“When I established the Commission nearly a year ago, I directed the members to make recommendations that would promote economic growth, foster innovation, and meet changing customer needs while ensuring safety, soundness, and consumer protection,” said Governor Chris 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, including proposals to clarify current laws and to support law enforcement in its efforts to protect New Hampshire consumers and investors. I would like to thank commission members for their diligent efforts in this undertaking.”

“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,” said Commission Chair Bill Ardinger.

The final report was unanimously approved by the Commission at their December, 2022 meeting, with abstentions by the two members representing state agencies having responsibilities for administering laws that apply to crypto-asset activities.

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.

Note: A copy of the Final Report from the Governor’s Commission on Cryptocurrencies and Digital Assets may be found here.