The Virginia Senate recently introduced Senate Bill No. 339 (SB339) to create a blockchain work group to research crypto and provide recommendations. The 13-member group would study topics like digital asset mining and blockchain technology.
SB339 comes as an amendment to an earlier bill proposed in January by Senator Saddam Azlan Salim. His bill aimed to provide tax benefits for using cryptocurrency and exempt digital mining and asset issuers from certain license and registration requirements. The new SB339 instead terminates Salim’s version in favour of forming the workgroup.
Work Group Composition and Objective
The workgroup would comprise five senators, five delegates, two blockchain experts appointed by the Bureau of Financial Institutions, and one local government member. All non-legislative members must reside in Virginia.
The goal for the group is to continue meeting through 2024 and provide a summary report by November 1, 2025, Governor and General Assembly in Virginia. The purpose is to study blockchain, mining, and cryptocurrency and suggest Virginia’s approach.
Virginia and Crypto Regulation
According to a recent CoinLedger study, Virginia did not rank in the top five most crypto-friendly states. Leaders like Florida, Texas, and Wyoming have zero income tax, allow banks as crypto custodians and have implemented crypto-positive policies.
By forming a workgroup, Virginia aims to study cryptocurrency regulation objectively. Approaches vary nationwide, with some states taking proactive support measures and others enacting restrictions. By better understanding blockchain technology and digital assets, Virginia lawmakers seek to determine balanced oversight that protects consumers without limiting innovation.
The work group creation signals Virginia’s growing interest in measured blockchain adoption. Once recommendations are issued, the state will be better positioned to draft policies aligning with its cryptocurrency integration vision. Though specific outcomes remain to be seen, the initiative reflects widening government recognition of crypto’s ongoing emergence.
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