Virginia lawmakers have put forward a new proposal, Senate Bill No. 339, suggesting the establishment of a work group to delve into blockchain technology, digital asset mining, and cryptocurrencies. Introduced on February 5th, the bill aims to authorize the Bureau of the Financial Institutions of the State Corporation Commission to spearhead the research initiative.
The proposed work group, comprising 13 members, would include five senators, five delegates from the House of Delegates, two blockchain experts appointed by the bureau, and one representative from the local government, all residing in Virginia. The group’s objective would be to conduct thorough research and present recommendations on various aspects of the crypto industry.
Scheduled to convene throughout 2024, the work group is expected to finalize its findings by November 1st, 2024, delivering a comprehensive report to the Governor and the Virginia General Assembly by the start of 2025.
The current draft of SB339 represents a notable departure from its initial version, introduced by Senator Saddam Azlan Salim in January. Salim’s initial proposal included regulations governing digital asset mining and transactions, along with provisions for tax treatment. However, the substitute amendment proposes to replace these regulations with the establishment of the crypto research work group.
While Virginia did not rank among the top states for cryptocurrency taxes in a recent study by CoinLedger, the proposal underscores the state’s growing interest in understanding and potentially regulating the crypto landscape.
