On September 25 a study committee made up of House and Senate members, and members of the business and technology communities, met to discuss the future of blockchain and cryptocurrency within the Arizona economy.
Reps. Alma Hernandez, Jeff Weninger, Justin Wilmeth and Sens. David Gowan, Rebecca Rios, and Wendy Rogers serve on the Committee.
Because this and future meetings of the Blockchain and Cryptocurrency Study Committee will outline legislative changes to support and enhance this emerging industry, Representative Diego Rodriguez and House Democratic Whip Domingo DeGrazia called for all committee members involved to disclose significant cryptocurrency positions including cryptocurrency-related assets.
The Committee will meet again at 1:30 p.m. on Wednesday (Oct. 27).
“The value of cryptocurrencies can fluctuate wildly and can easily be impacted by decisions we make at the Legislature,” said Rodriquez, D-Phoenix. “Without exception, every member on this study committee should disclose whether or not they own any blockchain or crypto currency assets. It’s basic transparency. It doesn’t necessarily disqualify them from working on the subcommittee or on legislation, but the public should know if lawmakers working to enhance an emerging industry stand to benefit personally.”
DeGrazia, D-Tucson, added, “Legislators should disclose any interest in, and recuse from, law making where they or their family will directly benefit. It’s not like there’s a shortage of experts that can testify to the pros and cons of cryptocurrency, especially in Arizona, a technology state.”
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Blockchain and Cryptocurrency Study Committee
PURPOSE:
To: 1) review data on the scope of blockchain and cryptocurrency throughout the country; 2) determine the current status of blockchain and cryptocurrency in relation to previously enacted Arizona legislation on these subjects; 3) compile an overview of potential legislation; and 4) solicit ideas and opinions of industry experts on additional legislation. 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 the President of the Senate and provide a copy of this report to the Secretary of State.
MEMBERSHIP:
House –
Three members of the House of Representatives, not more than two from the same political party and one designated as Co-Chair, appointed by the Speaker of the House of Representatives: Alma Hernandez, Jeff Weninger, Justin Wilmeth (Co-Chair)
Senate –
Three members of the Senate, not more than two from the same political party and one designated as Co-Chair, appointed by the President of the Senate: David Gowan (Co-Chair), Rebecca Rios, Wendy Rogers
Other –
One university professor who specializes in blockchain and from a university under the jurisdiction of the Arizona Board of Regents, appointed by the Speaker of the House of Representatives: Dr. Dragan Boscovic
One representative of the cryptocurrency or blockchain space who may represent private industry in exchanges, payment solutions or non-cryptocurrency transaction purposes, appointed by the Speaker of the House of Representatives: Mr. Benjamin Brockwell, invision AZ Fund
One public member, appointed by the President of the Senate: Mr. Mason Cave (9/30/2023)
The Director of the Department of Insurance and Financial Institutions or the Director’s designee: Mr. Evan Daniels, Director, Department of Insurance and Financial Institutions
The Director of the Department of Revenue or the Director’s designee: Mr. Neeraj Deshpande, Department of Revenue, Deputy Director (9/30/2023)
The Attorney General or the Attorney General’s designee: Mr. Sam Fox, Arizona Attorney General’s Office
Two representatives of the financial institutions industry, appointed by the President of the Senate: Mr. Nitin Gaur, IBM Financial Sciences (9/30/2023) Kyle Weber (9/30/2023)
One representative of a blockchain or cryptocurrency association, appointed by the Speaker of the House of Representatives: Ms. Gabriella Kusz, Global Digital Asset & Cryptocurrency Association
One representative of the cryptocurrency or blockchain space who may represent private industry in exchanges, payment solutions or non-cryptocurrency transaction purposes, appointed by the President of the Senate: Mr. Ken Ramirez, CEO, Alt36 (9/30/2023)
One public member, appointed by the Speaker of the House of Representatives: Mr. Mark Stewart, Vice Mayor, City of Chandler
One president or chief executive officer of an Arizona-based cryptocurrency company or the president’s or chief executive officer’s designee, appointed by the Speaker of the House of Representatives: Mr. Ryan Taylor, DASH Core Group
One representative of a private company or public organization that has experience in identifying illicit uses of cryptocurrency and specializes in using nonfungible token technology, appointed by the President of the Senate: Mr. Noel Thomas, CEO, Zero Trafficking (9/30/2023)