Virginia subcommittee proposes modest $17,192 yearly funding for state’s blockchain and cryptocurrency commission

Virginia’s Subcommittee on General Government of the Senate Finance and Appropriations Committee recommended a combined fund allocation of $39,240 for two new commissions on cryptocurrency and artificial intelligence.

The Blockchain and Cryptocurrency Commission, responsible for studying distributed ledger technologies and expanding their use within the state, would receive a general fund of $17,192 for 2025 and 2026. The AI-focused "Committee on Communications, Technology, and Innovation" would receive a larger $22,048 for the same time frame.

The proposed allocation comes as part of a larger $23.6 million allocation proposal for various departments.

Virginia's favorable crypto mining proposal

Earlier this month, the Senate unanimously passed a bill to amend the Code of Virginia to establish the aforementioned blockchain and crypto commission.

The state also recently introduced crypto-mining legislation, which is widely considered favorable for individual miners and crypto-mining businesses. Specifically, the bill looks to exempt crypto-miners from requirements to obtain money transmitter licenses.

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