A Senate Committee in Virginia has suggested allocating a combined annual fund of $39,240 for two recently established commissions focusing on artificial intelligence (AI) and cryptocurrency.
According to a proposal dated February 18 from a subcommittee within Virginia’s Senate Finance and Appropriations Committee, over $23.6 million is allocated to various legislative departments.
Among these allocations, the Blockchain and Cryptocurrency Commission (SB 439), established in January 2024, is set to receive a proposed general fund of $17,192 for 2025 and 2026.
Similarly, the Artificial Intelligence Commission (SB 487), currently under review by the Committee on Communications, Technology, and Innovation, is slated to receive $22,048 for the same period.
The Blockchain and Cryptocurrency Commission, formed to explore and provide guidance on blockchain technology and digital currencies, will have 15 members. Seven members from the legislature & eight from other sectors will be appointed within 45 days of the act’s enactment.
Similarly, the Artificial Intelligence Commission aims to develop and maintain policies that will eventually limit the use of AI to avoid unlawful activities.
Also Read: Virginia Senator Introduces Cryptocurrency Rights Bill
