Virginia suggests establishment of annual $39K fund for cryptocurrency and artificial intelligence commissions

Virginia’s Senate Finance and Appropriations Committee has proposed allocating a combined fund of $39,240 per year for two newly formed commissions on artificial intelligence (AI) and cryptocurrency. The Blockchain and Cryptocurrency Commission, established in January 2024, has been allocated a proposed general fund of $17,192 for the years 2025 and 2026. The Artificial Intelligence Commission, currently known as the Committee on Communications, Technology and Innovation, has been allotted $22,048 for the same period. The Blockchain and Cryptocurrency Commission will focus on studying and making recommendations for blockchain technology and crypto, while the Artificial Intelligence Commission aims to develop policies to limit the use of AI for unlawful activities. In addition to these commissions, Virginia has also introduced legislation that supports individuals and businesses in the crypto mining sector.