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The US state of Virginia, which aims to protect the crypto rights of its residents, is progressing towards establishing a working group to explore the expansion of cryptocurrency.
On Monday, the Virginia state Senate approved a bill designed to form a research group focused on blockchain and cryptocurrencies. This initiative was introduced as a Senate bill on February 5.
The current Senate Bill No. 339 serves as a substitute amendment to the original version of the bill presented in January. The legislation received strong backing from the state’s House of Delegates, with 97 members voting in support.
Additionally, the Senate Bill, put forward by Senator Saddam Azlan Salim, aims to exempt miners from the requirement to obtain money transmitter licenses. This is intended to create a more favorable environment for miners and other cryptocurrency enterprises.
The task group “shall consist of five members of the House of Delegates appointed by the Speaker of the House of 14 Delegates,” as stated in the Senate legislation.
It will also include five Senate members appointed by the Senate Committee on Rules; two non-legislative citizen members from the technology sector, and one non-legislative citizen member representing local government appointed by the Bureau.
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“The work group shall complete its meetings by November 1, 2024,” the bill specified.
“The Bureau shall submit to the Governor and the General Assembly an executive summary and a report of the work group’s findings and recommendations no later than the first day of the 2025 Regular Session of the General Assembly.”
Virginia’s Pro-Crypto Push
According to a CoinLedger study, Virginia ranks lower than the top five US states regarding crypto taxes.
Nonetheless, it allocated $17,192 to the Blockchain and Crypto Commission for the years 2025 and 2026. The Virginia Senate Finance and Appropriations Committee’s Subcommittee on General Government allocated over $23.6 million to various legislative agencies.
Moreover, police officers and state employees in Virginia’s Fairfax County can anticipate retirement benefits from Bitcoin. This follows the announcement by digital asset management firm Morgan Creek Digital regarding a new $40 million crypto venture fund.
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