The Virginia Senate Finance and Appropriations Committee’s Subcommittee on General Government has recommended annual blockchain commission fund totaling $39,240 for the establishment of two new commissions focused on cryptocurrency and artificial intelligence. Of this, the Blockchain and Cryptocurrency Commission, dedicated to the exploration and expansion of distributed ledger technologies within the state, is set to receive $17,192 for the fiscal years 2025 and 2026. Meanwhile, the AI-centric “Committee on Communications, Technology, and Innovation” is allocated a slightly higher sum of $22,048 for the same period.
This annual blockchain commission fund proposal is part of a broader $23.6 million funding initiative for various state departments.
In legislative developments, the Virginia Senate recently passed a bill with unanimous support that aims to create the blockchain and cryptocurrency commission by amending the Code of Virginia. Additionally, the state has introduced legislation deemed supportive of individual and business crypto-mining activities, notably proposing exemptions from the requirement for crypto-miners to acquire money transmitter licenses.
