Virginia Proposes Task Force to Study Blockchain and Crypto
Summary:
Virginia legislators have proposed a bill to form a task force aimed at researching blockchain technology and cryptocurrency. The task force, composed of 13 individuals, is expected to present a comprehensive report of their findings by early 2025. The proposed bill will replace an earlier version which suggested tax exemptions and benefits to encourage the everyday use of cryptocurrency.
Legislators in Virginia have suggested the formation of a task force to delve into blockchain technology, cryptocurrency, and digital asset mining. This suggestion was formally presented as a Senate bill on February 5. Senate Bill No. 339 (SB339), put forth by the Senate Committee on Commerce and Labor, would allow the Bureau of Financial Institutions under the State Corporation Commission to assemble a task force "charged with studying and crafting recommendations" on all matters related to cryptocurrency.
As per the details of the bill, the task force will be composed of 13 individuals, including 5 Senators, 5 Delegates from the Virginia General Assembly's lower chamber, the House of Delegates, two blockchain experts appointed by the Bureau, and a local government representative. All non-legislative members included in the team must be residents of Virginia.
The task force is set to conduct meetings throughout the year 2024 and provide a comprehensive report of their findings to the Governor and General Assembly by the beginning of 2025.
The current version of SB338 was drafted as an "amendment in the nature of a substitute" to the original version of the bill, which was brought to the Senate by its younger member, Senator Saddam Azlan Salim, earlier in January. Salim's version encompassed regulations for the mining and transactions of digital assets as well as how they should be taxed. It proposed that digital mining operators and digital asset issuers be exempted from obtaining money transmitter licenses and meeting securities registration requirements respectively. The bill also proposed incentivizing the use of cryptocurrency in daily transactions via tax benefits, such as excluding up to $200 per transaction from net capital gains for tax purposes.
The amendment proposed seeks to replace Salim's version with the formation of the cryptocurrency task force.
Recently CoinLedger, in a study, proclaimed Florida as the “best state” for cryptocurrency taxes in the United States. The study cited that states like Texas and Wyoming, with 0% state income tax and pro-crypto policies, along with allowances for banks to act as crypto custodians, followed closely behind. Virginia did not make it into the top five states.
Published At
2/7/2024 12:41:17 PM
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