The U.S. state of Virginia is making strides in fostering blockchain innovation and expansion with the overwhelming support of the House of Delegates for Senate Bill No. 339. This bill demonstrates a commitment to studying and supporting the crypto ecosystem in Virginia.

Advancing Blockchain Technology

Introduced on Feb. 5, Virginia’s Senate Bill No. 339 passed through the House of Delegates on March 4 with a majority vote of 97 yes, one nay, and two abstentions. The bill establishes a dedicated workgroup comprising representatives from the Senate, House of Delegates, the blockchain industry, and local government.

Championed by Senator Saddam Azlan Salim, the bill aims to facilitate the expansion of blockchain technology, digital asset mining, and crypto activities in Virginia. Notably, the bill exempts miners from obtaining money transmitter licenses, creating a favourable environment for crypto-related businesses by prohibiting targeted ordinances.

Future Recommendations

The workgroup mandated by the bill is set to conclude its studies by Nov. 1, 2024, and present comprehensive recommendations during the 2025 Regular Session of the General Assembly. This initiative highlights Virginia’s commitment to understanding and integrating blockchain technology within the state.

While Virginia’s proactive legislative move is commendable, a recent study has revealed that Florida ranks as the top U.S. state for cryptocurrency tax benefits, showcasing the diverse regulatory landscape across the country.

Financial Commitment to Blockchain

Virginia’s Senate Finance and Appropriations Committee’s Subcommittee on General Government has allocated over $23.6 million, including $17,192 for 2025 and 2026, to the Blockchain and Cryptocurrency Commission established in January 2024. This financial commitment underscores the state’s dedication to legislating and adopting new technologies.

On another note, the Blockchain Association, a non-governmental body representing the crypto industry in the U.S., has expressed concerns over Senator Elizabeth Warren’s anti-money laundering bill (AML). In a letter dated Feb. 13, the industry association, along with 80 signatories, raised issues about the potential impact of the AML bill on job losses and technological advancement.

For more updates on cryptocurrency and blockchain news, explore Global Crypto News.

Post Views: 5