Virginia Senate Approves Annual Budget for AI and Cryptocurrency Commissions Along With Crypto-Mining Legislation
Summary:
The Senate Committee in Virginia has approved an annual budget of $39,240 for two new commissions on artificial intelligence (AI) and cryptocurrency. This fund is part of an over $23.6 million allocation for various legislative departments in Virginia. The commissions, established in 2024, aim to study, propose recommendations, and promote growth in their respective fields. Additionally, Virginia has proposed crypto-mining legislation favoring individual miners and businesses, offering tax benefits and exemptions from obtaining licenses.
The Senate Committee in Virginia has endorsed an annual monetary allocation of $39,240 to be equally split between two newly established Commissions for artificial intelligence (AI) and cryptocurrency. These funds stem from a Feb. 18 resolution from a Subcommittee under the Senate Finance and Appropriations Committee in Virginia, which has set aside upwards of $23.6 million for various state legislative departments. The Blockchain and Cryptocurrency Commission (SB 439), which was setup in January 2024, has been proposed to receive $17,192 for the years 2025 and 2026. Meanwhile, the Artificial Intelligence Commission (SB 487), which currently falls under the Committee on Communications, Technology and Innovation, is slated to get $22,048 during the aforementioned timeframe.
Tasked with exploring and proposing recommendations on blockchain and cryptocurrency, the Blockchain and Crypto Commission will promote growth within these areas in the state. This commission will have a total of fifteen seats, divided amongst seven legislative members and eight non-legislative members, who have been directed to be appointed within 45 days of the act coming into effect.
On a similar note, the Artificial Intelligence Commission is responsible for the creation and implementation of regulations that will prohibit the misuse of AI. The motion to revise the Code of Virginia to establish the Blockchain and Cryptocurrency Commission was tabled on Jan. 9, and was passed without opposition in the Senate on Feb. 1.
In addition to these newly funded committees, Virginia has recently proposed legislation that benefits individuals and businesses engaging in crypto-mining. Senate Bill No. 339, proposed by Senator Saddam Azlan Salim on Jan. 9, seeks to exempt miners from acquiring money transmitter licenses and bars industrial zones from passing mining-specific regulations.
However, according to the bill, businesses offering mining or staking services are not considered as "financial investments", but must register to qualify for the exemption. The proposed law also enables individuals to deduct up to $200 per transaction from their net capital gains for taxation purposes. This deduction is applicable on gains made from digital assets used to pay for goods or services, thereby encouraging the regular usage of cryptocurrencies via tax incentives.
Published At
2/19/2024 9:29:44 AM
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