PETITION TO VETO HB525 and SB945
May 24, 2023
The Honorable Josh Green
Governor, State of Hawaii
Executive Chambers, State Capitol
Honolulu, Hawaii 96813
RE: PETITION TO VETO HB525 and SB945
TO ENSURE A THRIVING CRYPTOCURRENCY MARKET IN HAWAII
Aloha, Gov. Josh Green,
We, the undersigned, respectfully request that you veto bills HB525 and SB945, which, if approved by you, could significantly hamper the cryptocurrency market in our state.
Hawaii currently has the highest barriers in the nation for companies that exchange cryptocurrency. If you permit either HB525 and SB945 to become law, these restrictions will intensify, creating an even more prohibitive environment for innovation and growth in Hawaii’s economy.
The 200-page HB525 would effectively exclude private cryptocurrencies such as Bitcoin from qualifying as “money” under the Uniform Commercial Code. At the same time, central bank digital currencies (CBDCs) would qualify, but that is a type of currency that doesn’t even exist yet in the United States.
SB945 is 80 pages of additional proposed regulations, the most egregious of which would grant excessive authority to the commissioner of the Division of Financial Institutions to rewrite the law at will.
You do not have to agree that cryptocurrencies are a wise investment, but many do see it as a promising technological advancement in the broader digital economy, one that could help foster innovation and economic growth in Hawaii.
For this to happen, we must remove unnecessary roadblocks and create a legal framework that supports — rather than stifles — this promising industry.
Therefore, again, we respectfully ask that you veto HB525 and SB945.
Thank you for your time and consideration.
Sincerely,
[Name]
Hawaii Resident
May 24, 2023
The Honorable Josh Green
Governor, State of Hawaii
Executive Chambers, State Capitol
Honolulu, Hawaii 96813
RE: PETITION TO VETO HB525 and SB945
TO ENSURE A THRIVING CRYPTOCURRENCY MARKET IN HAWAII
Aloha, Gov. Josh Green,
We, the undersigned, respectfully request that you veto bills HB525 and SB945, which, if approved by you, could significantly hamper the cryptocurrency market in our state.
Hawaii currently has the highest barriers in the nation for companies that exchange cryptocurrency. If you permit either HB525 and SB945 to become law, these restrictions will intensify, creating an even more prohibitive environment for innovation and growth in Hawaii’s economy.
The 200-page HB525 would effectively exclude private cryptocurrencies such as Bitcoin from qualifying as “money” under the Uniform Commercial Code. At the same time, central bank digital currencies (CBDCs) would qualify, but that is a type of currency that doesn’t even exist yet in the United States.
SB945 is 80 pages of additional proposed regulations, the most egregious of which would grant excessive authority to the commissioner of the Division of Financial Institutions to rewrite the law at will.
You do not have to agree that cryptocurrencies are a wise investment, but many do see it as a promising technological advancement in the broader digital economy, one that could help foster innovation and economic growth in Hawaii.
For this to happen, we must remove unnecessary roadblocks and create a legal framework that supports — rather than stifles — this promising industry.
Therefore, again, we respectfully ask that you veto HB525 and SB945.
Thank you for your time and consideration.
Sincerely,
[Name]
Hawaii Resident
