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New Crypto Commission in Virginia to Receive Yearly Funding of $17K
Last Updated: February 19, 2024
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Key Takeaways
- Virginia proposes an annual fund of $17,192 for the Blockchain and Cryptocurrency Commission to support its mission of guiding and expanding blockchain and crypto initiatives within the state.
- The commission is to consist of 15 members.
- The Artificial Intelligence Commission is allocated $22,048 annually to ensure the ethical and legal application of AI technologies.
Virginia's Subcommittee on General Government has proposed a modest annual fund of $17,192 to support the state's newly established Blockchain and Cryptocurrency Commission.
The commission's mandate includes the examination and guidance on blockchain technology and cryptocurrencies, with a focus on fostering growth within Virginia.
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This commission is set to be composed of 15 members, split between seven legislative and eight non-legislative appointees.
The proposal was reported on February 18 as part of a broader allocation exceeding $23.6 million aimed at various legislative departments for the fiscal years 2025 and 2026.
The Artificial Intelligence Commission, ensuring AI's ethical and legal application, has been earmarked slightly more - $22,048 for the same timeframe.
This proposal signifies Virginia's commitment to advancing blockchain and cryptocurrency technologies, alongside ethical AI use, setting a forward-looking precedent for technological growth and governance within the state.
In other news, the U.S. Treasury calls for increased legislative powers to combat illicit finance involving cryptocurrencies.
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