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132nd MAINE LEGISLATURE
FIRST SPECIAL SESSION-2025
Legislative Document No. 1286
S.P. 515 In Senate, March 25, 2025
Resolve, to Establish the Commission to Study Fostering a Positive
Economic Environment for Blockchain Technology and
Cryptocurrency
Reference to the Committee on Health Coverage, Insurance and Financial Services
suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator BRADSTREET of Kennebec.
Cosponsored by Representative FOLEY of Wells and
Senator: HAGGAN of Penobscot, Representatives: ARCHER of Saco, COLLINS of Sidney,
FLYNN of Albion.
Page 1 - 132LR2225(01)
1Sec. 1. Commission established. Resolved: That the Commission to Study
2 Fostering a Positive Economic Environment for Blockchain Technology and
3 Cryptocurrency, referred to in this resolve as "the commission," is established.
4Sec. 2. Commission membership. Resolved: That, notwithstanding Joint Rule
5 353, the commission consists of 10 members appointed as follows:
6 1. Two members of the Senate, including one member of the party holding the largest
7 number of seats in the Legislature and one member of the party holding the 2nd largest
8 number of seats in the Legislature, appointed by the President of the Senate;
9 2. Two members of the House of Representatives, including one member of the party
10 holding the largest number of seats in the Legislature and one member of the party holding
11 the 2nd largest number of seats in the Legislature, appointed by the Speaker of the House;
12 3. One member of the public who is a representative of an academic institution with
13 experience or knowledge in blockchain technology, appointed by the President of the
14 Senate;
15 4. One member of the public who is a representative of a company in the State that
16 directly deals with cryptocurrency, appointed by the President of the Senate;
17 5. One member of the public who is a representative of a financial institution,
18 appointed by the Speaker of the House;
19 6. One member of the public who is a national expert in blockchain technology and
20 cryptocurrency, appointed by the Speaker of the House;
21 7. One member representing the Department of Economic and Community
22 Development, appointed by the Governor; and
23 8. One member of the public who has experience in federal securities law, appointed
24 by the Governor.
25Sec. 3. Chairs. Resolved: That the first-named Senate member is the Senate chair
26 and the first-named House of Representatives member is the House chair of the
27 commission.
28Sec. 4. Appointments; convening of commission. Resolved: That all
29 appointments must be made no later than 30 days following the effective date of this
30 resolve. The appointing authorities shall notify the Executive Director of the Legislative
31 Council once all appointments have been completed. After appointment of all members,
32 the chairs shall call and convene the first meeting of the commission. If 30 days or more
33 after the effective date of this resolve a majority of but not all appointments have been
34 made, the chairs may request authority and the Legislative Council may grant authority for
35 the commission to meet and conduct its business.
36Sec. 5. Duties. Resolved: That the commission shall:
37 1. Review data and information on the scope of the use of blockchain technology and
38 cryptocurrency throughout the country;
39 2. Determine the current status of the use of blockchain technology and cryptocurrency
40 in relation to related laws in this State;
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1 3. Study nonfungible tokens, including their use, prevalence, function and current
2 regulation;
3 4. Solicit ideas and opinions from blockchain technology and cryptocurrency industry
4 experts; and
5 5. Compile an overview of potential legislation with recommendations on which
6 legislation will help foster a positive economic environment for blockchain technology and
7 cryptocurrency in this State.
8Sec. 6. Staff assistance. Resolved: That the Legislative Council shall provide
9 necessary staffing services to the commission, except that Legislative Council staff support
10 is not authorized when the Legislature is in regular or special session.
11Sec. 7. Consultants. Resolved: That the commission may request that individuals
12 with specific expertise in blockchain technology, cryptocurrency and related regulatory
13 frameworks serve as consultants to the commission.
14Sec. 8. Report. Resolved: That, no later than December 3, 2025, the commission
15 shall submit a report that includes its findings and recommendations based on the study in
16 section 5, including suggested legislation, to the Joint Standing Committee on Health
17 Coverage, Insurance and Financial Services. The joint standing committee may report out
18 legislation based on the report to the Second Regular Session of the 132nd Legislature.
19SUMMARY
20 This resolve establishes the Commission to Study Fostering a Positive Economic
21 Environment for Blockchain Technology and Cryptocurrency. The commission is tasked
22 with reviewing national data on the scope of the use of blockchain technology and
23 cryptocurrency, assessing the current status of blockchain technology and cryptocurrency
24 within the State, studying nonfungible tokens, consulting industry experts and compiling
25 legislative recommendations to position the State as a leader in the emerging fields of
26 blockchain technology and cryptocurrency. The commission is directed to report on its
27 study no later than December 3, 2025 to the Joint Standing Committee on Health Coverage,
28 Insurance and Financial Services, which is authorized to report out legislation based on the
29 report.
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