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

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

Aaron S. Editor-In-Chief
Written by Aaron S.,
Editor-In-Chief

✓ Fact Checked

Last Updated: February 19, 2024

✓ Fact Checked

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.

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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.

Aaron S. Editor-In-Chief
Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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