The Virginia Senate in the United States approved significant legislation establishing a task force specifically focused on examining the broader crypto landscape and proposing strategies to support the growth of the technology.
Introduced on Feb. 5, Virginia lawmakers brought forth Senate Bill No. 339 to obtain guidance on how to encourage and enhance blockchain technology, digital asset mining, and cryptocurrency within the state.
The bill was subsequently passed by the Virginia House of Delegates on March 4, with 97 members voting in favor, one opposed, and two abstaining from voting.
Senator Saddam Azlan Salim introduced a bill on January 9 aimed at exempting miners from the requirement of obtaining money transmitter licenses and preventing targeted regulations:
“No license under this chapter shall be required of any person engaging in-home digital asset 37 mining, digital asset mining, or digital asset mining business activities, as those terms are defined in § 38 15.2-2288.9.”
Furthermore, a new cryptocurrency work group will be formed, consisting of 13 members: five from the Senate, five from the House of Delegates, two non-legislative citizen members from the blockchain industry, and one non-legislative citizen representing local government.
The group has been given a deadline of Nov. 1, 2024, to conclude all of its studies related to the cryptocurrency ecosystem and share recommendations “no later than the first day of the 2025 Regular Session of the General Assembly.”
Also Read: Virginia Proposes $39K Funds for Crypto & AI Commissions
