A senate bill in the US state of Virginia recommended creating a working group for a crypto study, focusing solely on crypto and blockchain research for the rest of 2024.
US lawmakers in Virginia have suggested creating a working group of experts to study crypto and blockchain. The crypto study recommendation went forward through a Senate bill recently. The Senate Committee on Commerce and Labor proposed the bill to authorize a state regulator to create the group. The Bureau of the Financial Institutions of the State Corporation Commission, the regulator, will create the thirteen-member group.
The official bill states the regulator “shall convene a work group for the purpose of studying and making recommendations related to blockchain technology, digital asset mining, and cryptocurrency and fostering the appropriate expansion of blockchain technology, digital asset mining, and cryptocurrency in the Commonwealth.”
The members will include five delegates from the House of Delegates, five senators, and a local government member. Further, it will have two crypto and blockchain experts. The group will officially conclude the crypto study by November 1, 2024, and submit the report by January 1, 2025.
At the same time, there’s a catch to the bill in Virginia. It comes as a substitute amendment to another crypto bill in Virginia. A US lawmaker proposed the earlier bill just a few days back, which had several regulatory aspects on crypto mining. Meanwhile, the current bill for the working group on crypto will likely terminate the crypto mining bill.
Discussions on crypto regulation in the US have been occurring frequently in 2024. US Treasury Secretary Janet Yellen also proposed crypto regulation in the country and urged the US Congress to take the initiative. US lawmaker French Hill was the first to highlight urgent crypto regulation in the US in 2024.
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