Virginia Allocates $39K Annually for Senate Committees on Cryptocurrency and AI
Date: 2024-02-19 Author: Dima Zakharov Categories: IN WORLD
Virginia's Senate Committees Allocation
The Virginia state senate committee has proposed an annual budget of $39,240 for two newly established commissions focusing on artificial intelligence (AI) and cryptocurrencies. This decision marks a significant step towards fostering innovation and regulation in these rapidly evolving fields.
Financial Allocation
Following a proposal from the subcommittee on state governance issues of the Senate Finance and Appropriations Committee on February 18, more than $23.6 million has been earmarked for various legislative departments. Out of this sum, the Blockchain and Cryptocurrency Commission, formed in January 2024, has been allotted a proposed general fund of $17,192 for the fiscal years 2025 and 2026.
Similarly, the Artificial Intelligence Commission, now termed the Committee on Communications, Technology, and Innovation, has been allocated $22,048 for the same period.
Commission Responsibilities
The Blockchain and Cryptocurrency Commission's mandate includes studying and providing recommendations on blockchain technology and cryptocurrencies to facilitate statewide expansion. The commission, comprising 15 members, including seven legislative and eight non-legislative members, will be appointed "not later than 45 days after the effective date of this act."
Likewise, the Artificial Intelligence Commission will develop and maintain a legislative framework aimed at regulating AI usage to prevent unlawful activities.
Legislative Initiatives
Apart from establishing new legislative commissions on cryptocurrency and AI ecosystems, Virginia has recently introduced legislation concerning cryptocurrency mining, favoring individuals and enterprises.
On January 9, Senator Saddam Azlan Salim proposed Senate Bill No. 339, aiming to exempt miners from money transmitter licenses and prohibiting industrial zones from enacting ordinances pertaining to mining activities.
Furthermore, the legislation allows individuals to exclude up to $200 per transaction from their net capital gains for tax purposes when using digital assets for purchasing goods or services, incentivizing everyday cryptocurrency transactions through tax incentives.
