A Virginia senate committee has put forth a proposal allocating an annual combined fund of £39,240 for two newly established commissions focusing on artificial intelligence (AI) and cryptocurrency. The Subcommittee on General Government of the Senate Finance and Appropriations Committee proposed allocating more than £23.6 million for various legislative departments, with the Blockchain and Cryptocurrency Commission slated to receive £17,192 and the Artificial Intelligence Commission £22,048 for the years 2025 and 2026, respectively.
The Blockchain and Cryptocurrency Commission, formed in January 2024, aims to research and provide recommendations on blockchain technology and cryptocurrencies while fostering growth within the state. Comprising 15 members, including legislative and non-legislative appointees, the commission is tasked with initiating its operations within 45 days of the effective date of the act. Similarly, the Artificial Intelligence Commission, formerly known as the Committee on Communications, Technology, and Innovation, seeks to develop and enforce policies aimed at regulating AI usage to prevent illicit activities.
The bill to establish the Blockchain and Cryptocurrency Commission was introduced on January 9 and unanimously passed by the Senate on February 1. The commission’s formation underscores Virginia’s proactive approach to fostering innovation and regulatory clarity within the crypto and blockchain sectors.
In addition to commission formation, Virginia has introduced legislation concerning crypto mining, favoring individuals and businesses. Senate Bill No. 339, presented by Senator Saddam Azlan Salim, aims to exempt miners from acquiring money transmitter licenses and prohibits mining-specific ordinances in industrial zones. The proposed legislation also offers tax benefits, allowing individuals to exclude up to £200 per transaction from net capital gains for using digital assets in everyday transactions, encouraging crypto adoption.
Virginia’s legislative efforts by establishing commissions dedicated to blockchain, cryptocurrency, and AI, the state aims to promote research, innovation, and regulatory clarity. Additionally, proposed legislation favoring crypto mining and offering tax incentives demonstrates a commitment to fostering a conducive environment for crypto-related activities and technological advancements. As Virginia continues to shape its regulatory framework, stakeholders will monitor developments closely to navigate the evolving landscape effectively.
