Virginia Senate Passes Bill for Crypto Ecosystem Growth and Blockchain Expansion
Summary:
The Virginia Senate passed Senate Bill No. 339, aiming to foster and expand blockchain technology, digital asset mining, and cryptocurrency in the state. The bill, introduced by Senator Saddam Azlan Salim, will lead to the creation of a 13-member workgroup to study the crypto ecosystem and provide relevant recommendations. The group is expected to conclude its studies by November 1, 2024, and present its proposals at the 2025 General Assembly. This comes as part of Virginia's efforts to nurture the tech sector in the state.
The Virginia Senate of the United States recently approved a significant bill that will culminate in the establishment of a specialist team tasked with analysing the vast cryptocurrency ecosystem and proffering recommendations for its growth. Senate Bill No. 339 was put forward by Virginia legislators on February 5, with the aim to obtain advice on nurturing and increasing blockchain technology, digital asset mining and cryptocurrency use within the state. This legislation was received positively by the Virginia House, passing it with 97 in favor, one against and two abstentions on March 4.
Senator Saddam Azlan Salim initially suggested the bill on January 9. Its primary purpose is to exempt miners from the need to acquire money transmitter licenses and to ban targeted ordinances. The overarching mandate is: “No license under this chapter shall be required of any person engaging in in-home digital asset mining, digital asset mining, or digital asset mining business activities, as those terms are defined in § 38 15.2-2288.9.”
The anticipated cryptocurrency task force will be composed of 13 individuals, including five senators, five members from the House of Delegates, two representatives not affiliating with the legislature but belonging to the blockchain sector, and one citizen also not linked to the legislature but representing local government. The team has been provided till November 1, 2024, to complete all researches connected to the cryptocurrency system and to present its proposals “no later than the first day of the 2025 Regular Session of the General Assembly.”
While other states like New York and Florida have a stronger stance in promoting various elements of cryptocurrency, Virginia has one of the largest investors interested in Bitcoin (BTC) and Ether (ETH). CoinGecko revealed in a report that 43% of all Bitcoin and Ethereum web searches come from California internet users on the crypto tracking website. Other states exhibiting notable interest in these two cryptocurrencies include Illinois, Washington, Pennsylvania, Texas, Virginia, Georgia, and Arizona.
Additionally, a recent proposition in Virginia called for an annual general fund of $22,048 and $17,192 allocated respectively to the two newly created commissions on artificial intelligence and cryptocurrency in the state.
Published At
3/5/2024 9:36:08 AM
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