The Virginia Senate in the United States has passed a groundbreaking bill that establishes a workgroup dedicated to studying the entire cryptocurrency ecosystem and providing recommendations to support the expansion of this technology.
On February 5th, Virginia lawmakers introduced Senate Bill No. 339 with the objective of receiving recommendations on fostering and expanding blockchain technology, digital asset mining, and cryptocurrency within the state. The bill was subsequently passed by the Virginia House of Delegates on March 4th, with 97 members in favor, one against, and two abstaining from voting.
Senator Saddam Azlan Salim proposed the bill on January 9th, which aims to exempt miners from obtaining money transmitter licenses and also prohibits targeted ordinances. The newly formed crypto work group will consist of 13 members, including 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 the local government.
This work group has been given a deadline of November 1st, 2024, to conclude all studies related to the cryptocurrency ecosystem and share their recommendations no later than the first day of the 2025 Regular Session of the General Assembly.
Although states like New York and Florida rank higher in promoting various aspects of crypto, Virginia is home to one of the largest investors interested in Bitcoin (BTC) and Ether (ETH). CoinGecko’s report reveals that California accounts for 43% of all Bitcoin and Ethereum web traffic searches on the platform, followed by states such as Illinois, Washington, Pennsylvania, Texas, Virginia, Georgia, and Arizona.
In a recent proposal, Virginia sought to allocate a yearly general fund of $22,048 and $17,192, respectively, to two newly formed commissions on artificial intelligence and cryptocurrency. This showcases the state’s commitment to exploring and capitalizing on emerging technologies.
In other news, the owner of a highly sought-after CryptoPunk Seedphrase has partnered with Sotheby’s, a renowned auction house, further highlighting the growing interest in non-fungible tokens (NFTs) and the art market.