The Virginia Senate in the United States has passed a groundbreaking bill that establishes a workgroup dedicated to studying the overall cryptocurrency ecosystem and providing recommendations to support the expansion of this technology. On February 5, Virginia lawmakers introduced Senate Bill No. 339 with the aim of obtaining recommendations on fostering and expanding blockchain technology, digital asset mining, and cryptocurrency within the state. The bill was subsequently passed by the Virginia House of Delegates on March 4, with 97 members in favor, one against, and two abstaining from voting.
Senator Saddam Azlan Salim proposed the bill on January 9, which seeks to exempt miners from the requirement of obtaining money transmitter licenses and also prohibits targeted ordinances. The newly formed crypto workgroup will consist of 13 members, including five from the Senate, five from the House of Delegates, two nonlegislative citizen members from the blockchain industry, and one nonlegislative citizen representing the local government. This group has been given a deadline of November 1, 2024, to complete all studies related to the cryptocurrency ecosystem and share their recommendations no later than the first day of the 2025 Regular Session of the General Assembly.
Although other U.S. states, such as New York and Florida, rank higher in promoting various aspects of cryptocurrency, Virginia is home to one of the largest groups of investors interested in Bitcoin (BTC) and Ether (ETH). According to a report by CoinGecko, internet users from California account for 43% of all Bitcoin and Ethereum web traffic searches on the crypto tracking website. Other states with a strong interest in these two cryptocurrencies include Illinois and Washington, followed by Pennsylvania, Texas, Virginia, Georgia, and Arizona.
In a recent proposal in Virginia, it was suggested that a yearly general fund allocation of $22,048 and $17,192 be given to the two newly formed commissions on artificial intelligence and cryptocurrency in the state. In related news, the owner of a seven-trait CryptoPunk Seedphrase has partnered with Sotheby’s, a renowned auction house, in an effort to further explore the world of non-fungible tokens (NFTs).