ARIZONA HOUSE OF REPRESENTATIVES Fifty-fifth Legislature First Regular Session
	House: COM DPA 9-0-0-1 | 3^rd Read 42-17-1-0 Senate: FIN DP 4-2-4-0 | 3^rd Read 21-9-0-0

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HB 2544: blockchain and cryptocurrency study committee

Sponsor:  Representative Wilmeth, LD 15

Senate Engrossed

Overview

Establishes the Blockchain and Cryptocurrency Study Committee (Committee).

History

Blockchain is a cryptographically secured distributed ledger that records transactions chronologically, permanently and unalterably.

Blockchain technology is distributed ledger technology that uses a distributed, decentralized, shared and replicated ledger, which may be public or private, permissioned or permissionless, or driven by tokenized crypto economics or tokenless. The data on the ledger is protected with cryptography, is immutable and auditable and provides an uncensored truth (A.R.S. § 44-7061).

Provisions

1. Establishes the 14-member Committee and outlines the Committee membership. (Sec. 1)

2. Directs the Committee to:

a) Meet as often as the chairperson deems necessary;

b) Review data on the scope of blockchain and cryptocurrency throughout the country;

c) Compile an overview of potential legislation; and

d) Solicit ideas and opinions of industry experts on additional legislation.

e) Submit a 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 to the Secretary of State.

i. Specifies an initial report must be submitted by December 31, 2021.

ii. Specifies a final report must be submitted by December 31, 2022. (Sec. 1)

3. Terminates the Committee October 1, 2023. (Sec. 1)

Senate Amendments

1. Modifies the membership and appointments of the Committee, which include:

a) Decreases, from three to two, the number of representatives of the cryptocurrency or blockchain space who represent private industry in exchanges, payment solutions or non-cryptocurrency transaction purposes; and

b) Increases, from one to two, the number of public members.

2. Adds the following members to the Committee:

a) Two representatives of the financial institutions industry, who are appointed by the President of the Senate;

b) 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, who is appointed by the President of the Senate;

c) The Director of the Department of Insurance and Financial Institutions or their designee; and

d) The Attorney General or their designee.

e)

f)

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h)                         HB 2544

i) Initials PRB     Page 0 Senate Engrossed

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