Virginia Allocates Funds for Cryptocurrency and AI Commissions
The Subcommittee on General Government of the Senate Finance and Appropriations Committee in Virginia has recommended a combined fund allocation of $39,240 for two new commissions focused on cryptocurrency and artificial intelligence (AI). The Blockchain and Cryptocurrency Commission would receive $17,192, while the Committee on Communications, Technology, and Innovation would receive $22,048. These funds aim to support the study and expansion of distributed ledger technologies and AI within the state. The proposed allocation is part of a larger $23.6 million budget proposal for various departments.
Virginia’s Supportive Stance on Crypto Mining
Virginia has been making strides in the cryptocurrency industry. Earlier this month, the Senate unanimously passed a bill to establish the Blockchain and Cryptocurrency Commission. Furthermore, the state has introduced legislation that is favorable for individual miners and crypto-mining businesses. This legislation seeks to exempt crypto-miners from obtaining money transmitter licenses. These developments indicate Virginia’s commitment to fostering innovation and growth in the crypto sector.
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