Virginia subcommittee proposes modest $17,192 yearly funding for state’s blockchain and cryptocurrency commission
Quick Take
- As part of a larger funding proposal, a Virginia subcommittee has suggested a yearly allocation of less than $20,000 for the state’s newly formed 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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