New Crypto Commission in Virginia to Receive Yearly Funding of $17K

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.