State of Utah creates blockchain and digital innovation task force
Governor of Utah Spencer Cox signed a bill for the creation of the Blockchain and Digital Innovation Task Force
By Shashank Bhardwaj
The state of Utah passed the Bill for the creation of the Blockchain and Digital Task Force, responsible for regulating blockchain initiatives and formulating policy recommendations on matters related to blockchain technology. The bill was signed by Spencer Cox, the Governor of Utah.
At least three crypto and blockchain-related bills have already been passed in the State Legislature. The list includes House Bill 456, which allows the Beehive State to accept cryptocurrency payments.
The task force created under the bill will have 20 members from various blockchain-related fields, including cryptocurrency and fintech. Out of the 20 members, not more than five members will be appointed by the Senate, up to five members by the speaker of the House of Representatives, and up to five members by the governor.
The members will study the implications and possibilities of blockchain technology and formulate policy recommendations for the promotion and adoption of blockchain, fintech, and other emerging digital innovations. The scope of policy-making entails the non-financial incentives for the industries related to these sectors.
The task force will be needed to present an annual report on or before November 30 to the Business and Labour Interim Committee–the two committees of the Utah State Senate. According to the bill, the Utah Division of Finance will be required to provide staff support to the task force.
Jordan Tuescher, Utah State Representative, said, “That bill allows for the Department of Finance to contract out with the company that would allow the state and other municipalities and counties to accept virtual currency and ensures that any liability for that lies within the person who is paying. So the state doesn’t have any sort of risk in it."
The bill was first introduced in the Utah State Legislature as House Bill 335 in early February 2022. The bill then passed through several senates, houses, and fiscal actions for two months before Governor Cox signed it on March 24.
The bill comes in the wake of the US SEC planning to double the number of personnel dedicated to safeguarding investors in the cryptocurrency markets.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..