Virginia Senate Passes Blockchain Bill to Foster Crypto Adoption

CryptoNews.com

2024-03-05 16:40:57

Sujha Sundararajan

Last updated:

March 5, 2024 19:40 EST | 1 min read

Source: MidjourneyThe US state of Virginia, which is seeking to safeguard the crypto rights of its citizens, is one-step closer to creating a working group to deep-dive into crypto expansion.

Virginia state Senate on Monday, passed a bill, which aims to create a research group to study blockchain and cryptos. The proposition was introduced as a Senate bill on Feb. 5.

The current Senate Bill No. 339, is a substitute amendment to the bill’s initial version introduced in January. The legislation gained overwhelming support from the state’s House of Delegates, with 97 members voting in favor.

Further, the Senate Bill, proposed by Senator Saddam Azlan Salim, seeks to exempt miners from obtaining money transmitter licenses. By doing so, it aims to foster a more conducive environment for miners and other crypto businesses.

The task group “shall consist of five members of the House of Delegates appointed by the Speaker of the House of 14 Delegates,” the Senate legislation noted.

It will also have five members of the Senate appointed by the Senate Committee on Rules; two non-legislative citizen members who are members of the technology industry and one non-legislative citizen member representing local government appointed by the Bureau.

“The work group shall complete its meetings by November 1, 2024,” the bill noted.

“The Bureau shall submit to the Governor and the General Assembly an utive summary and a report of the work group’s findings and recommendations no later than the first day of the 2025 Regular Session of the General Assembly.”

Virginia’s Pro-Crypto Push

Per CoinLedger study, Virginia falls behind the top five US states for crypto taxes.

However, it allotted $17,192 to Blockchain and Crypto Commission for 2025 and 2026. The Virginia Senate Finance and Appropriations Committee’s Subcommittee on General Government allotted more than $23.6 million to different legislative agencies.

Further, police officers and state employees in Virginia’s Fairfax County will be looking forward to retirement with dividends from Bitcoin. This follows the announcement by digital asset management firm Morgan Creek Digital on a new $40 million crypto venture fund.

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