Utah to Create Blockchain and Digital Innovation Task Force; Governor Signs Bill

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Utah to Create Blockchain and Digital Innovation Task Force; Governor Signs Bill
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Utah Governor Spencer Cox has approved a bill to create a blockchain and digital innovation task force that will allow Utah to recommend policy actions to the government.

This comes nearly three years after discussions on creating the task force began, and less than two months after the bill was introduced in February.

The governor signed the bill on March 24 after numerous deliberation and discussions on the bill in the Utah legislature. With the approval, the state can now form a working group to recommend policy actions on blockchain and related technologies to the government.

The recommendations will also include non-financial incentives for the state’s fintech, blockchain and digital innovation industries.

Ledger

“[The task force shall] Develop and make recommendations on policies to promote the adoption of blockchain, financial technology and digital innovation,” reads part of the bill.

According to the bill, the task force will have 20 members with experience in financial technology, cryptocurrency and blockchain technology.

The governor, the president of the Senate and the speaker of the House of Representatives will each appoint up to five members to the task force. The Utah Treasury Department will also provide staff support.

The mandate must submit a report to the Utah Senate Legislative Management Committee and the Interim Committee on Commerce and Labor by November 30 of each year. However, no date has been set for the establishment of the working group.

With this move, Utah has solidified its position as part of a state with a positive stance on cryptocurrencies. Several federal agencies are studying different aspects of the industry under President Biden’s executive order.

New York and California

Several states have also been actively researching cryptocurrencies, although their report is expected to be released in the coming months. New York has issued a series of cryptocurrency regulations in recent weeks.

California is also considering a comprehensive crypto legal framework. Gov. Gavin Newsom signed an executive order aimed at helping the state achieve its goals.

The increased interest in crypto regulations also extends to the SEC. The agency recently announced that it will be hiring 20 people for its cyber division, including a team focused on crypto assets.

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