Virginia’s senate committee has put forth a proposal recommending an annual combined fund allocation of $39,240 for two newly established commissions focused on artificial intelligence (AI) and cryptocurrency. The Subcommittee on General Government of the Senate Finance and Appropriations Committee presented the proposal on February 18, allocating over $23.6 million for various legislative departments. The Blockchain and Cryptocurrency Commission, which was formed in January 2024, received a proposed general fund of $17,192 for the years 2025 and 2026. The Artificial Intelligence Commission, currently known as the Committee on Communications, Technology, and Innovation, was allotted $22,048 for the same period.
The Blockchain and Cryptocurrency Commission’s main objective is to study and provide recommendations on blockchain technology and cryptocurrency, as well as promote growth within the state. The commission will consist of 15 members, including seven legislative and eight non-legislative members, who will be appointed within 45 days of the act’s effective date. Similarly, the Artificial Intelligence Commission aims to develop policies that will ultimately restrict the use of AI to prevent unlawful activities.
The bill to amend the Code of Virginia and establish the blockchain and cryptocurrency commission was introduced on January 9 and was unanimously passed by the Senate on February 1.
In addition to the creation of these new legislative commissions focused on crypto and AI, Virginia has recently introduced legislation regarding crypto mining that favors individuals and businesses. Senator Saddam Azlan Salim proposed Senate Bill No. 339 on January 9, which seeks to exempt miners from obtaining money transmitter licenses. The bill also prohibits industrial zones from imposing mining-specific ordinances. While companies providing mining or staking services will not be classified as a “financial investment” under the bill, they must file a notice to qualify for the exemption.
The legislation also proposes that individuals can exclude up to $200 per transaction from their net capital gains for tax purposes. This exclusion applies to gains derived from using digital assets to purchase goods or services, thus incentivizing the use of cryptocurrencies for everyday transactions through tax benefits.