Chapter 0339 - 551R - S Ver of HB2544

Senate Engrossed House Bill

blockchain and cryptocurrency study committee

State of Arizona

House of Representatives

Fifty-fifth Legislature

First Regular Session

2021

CHAPTER 339

HOUSE BILL 2544

AN ACT

establishing the blockchain and cryptocurrency study committee.

(TEXT OF BILL BEGINS ON NEXT PAGE)

Be it enacted by the Legislature of the State of Arizona:

Section 1. Blockchain and cryptocurrency study committee; members; duties; reports; delayed repeal

A. The blockchain and cryptocurrency study committee is established consisting of the following members:

1. Three members of the senate who are appointed by the president of the senate, not more than the two of whom are members of the same political party. The president of the senate shall designate one of these members to serve as cochairperson of the committee.

2. Three members of the house of representatives who are appointed by the speaker of the house of representatives, not more than two of whom are members of the same political party. The speaker of the house of representatives shall designate one of these members to serve as cochairperson of the committee.

3. A president or chief executive officer of an Arizona-based cryptocurrency company or the president's or chief executive officer's designee. The speaker of the house of representatives shall appoint this member.

4. Two representatives of the cryptocurrency or blockchain space who may represent private industry in exchanges, payment solutions or non-cryptocurrency transaction purposes. The president of the senate shall appoint one member and the speaker of the house of representatives shall appoint one member.

5. The director of the department of revenue or the director's designee.

6. A university professor who specializes in blockchain and who is from a university under the jurisdiction of the Arizona board of regents. The speaker of the house of representatives shall appoint this member.

7. A representative of a blockchain or cryptocurrency association. The speaker of the house of representatives shall appoint this member.

8. Two public members, one of whom is appointed by the president of the senate and one of whom is appointed by the speaker of the house of representatives.

9. Two representatives of the financial institutions industry who are appointed by the president of the senate.

10. One representative of a private company or public organization that has experience in identifying illicit uses of cryptocurrency and that specializes in using nonfungible token technology. The president of the senate shall appoint this member.

11. The director of the department of insurance and financial institutions or the director's designee.

12. The attorney general or the attorney general's designee.

B. The committee shall:

1. Meet as often as the chairperson deems necessary.

2. Review data on the scope of blockchain and cryptocurrency throughout the country.

3. Determine the current status of blockchain and cryptocurrency in relation to previously enacted Arizona legislation on these subjects.

4. Compile an overview of potential legislation.

5. Solicit ideas and opinions of industry experts on additional legislation.

6. On or before December 31, 2021, submit an initial report, and on or before December 31, 2022, submit a final report, regarding the committee's findings and recommendations of legislative priorities that will foster a positive blockchain and cryptocurrency economic environment in this state to the speaker of the house of representatives and provide a copy of this report to the secretary of state.

C. This section is repealed from and after September 30, 2023.