- Virginia has proposed spending $39,240 in yearly funding to establish a Blockchain and Cryptocurrency Commission and an Artificial Intelligence Commission
- The Blockchain and Cryptocurrency Commission will have 15 members tasked with studying blockchain and crypto, and making policy recommendations to support crypto expansion in Virginia
- The Artificial Intelligence Commission aims to develop policies around AI and limit unlawful uses of AI within Virginia
Virginia has recently proposed allocating funds for two new commissions focused on cryptocurrency and artificial intelligence. These initiatives aim to support emerging technologies within the state.
Proposed Funding for Virginia’s Crypto and AI Commissions
The Senate Finance Committee has recommended providing $39,240 in yearly funding for the new commissions. The Blockchain and Cryptocurrency Commission would receive $17,192, while the Artificial Intelligence Commission is allotted $22,048. This funding aims to support research and policy recommendations.
Responsibilities of Virginia’s Crypto Commission
The Blockchain and Cryptocurrency Commission will have 15 members tasked with studying blockchain and crypto. It will make policy recommendations to support crypto expansion in Virginia. Members will be appointed within 45 days of the act’s passage.
Goals of Virginia’s AI Commission
Similarly, the Artificial Intelligence Commission will develop policies around AI. It aims to limit unlawful uses of AI within the state. This commission was proposed in a January bill, which passed the Senate unanimously.
Other Recent Crypto Legislation in Virginia
In addition to the commissions, Virginia introduced a crypto mining bill in January. It would exempt miners from money transmitter licenses and prohibit specific mining bans. The bill also provides tax benefits for using crypto for purchases.
Conclusion
With its proposed commissions and recent legislation, Virginia is taking steps to support emerging blockchain, crypto, and AI industries. The state is funding research and policies to foster innovation in these areas.
