The US state of Virginia is getting closer to forming a working group to investigate crypto growth, as it aims to protect its residents’ crypto rights.
The Virginia Senate approved a measure on Monday to establish a cryptocurrency and blockchain research organization. February 5 saw the introduction of the proposal as a bill in the Senate.
Reintroduced in January, the present Senate measure No. 339 is an amended version of the original measure. By a vote of 97 to 1, the state’s House of Delegates overwhelmingly approved the measure.
Additionally, Senator Saddam Azlan Salim has introduced a bill to the Senate that would exclude miners from the need to get money transmitter licenses. The goal is to make things easier for crypto firms and miners by doing this.
“Shall consist of five members of the House of Delegates nominated by the Speaker of the House of 14 Delegates,” the Senate legislation specified for the work committee.
The Senate Committee on Rules will nominate five members, while the Bureau will choose one non-legislative citizen to represent local government and two IT industry individuals to serve as non-legislative citizens.
“The work group must finish its sessions by November 1, 2024,” the measure said. “By the first day of the 2025 Regular Session of the General Assembly, the Bureau shall have submitted an executive summary and report of the study group’s findings and recommendations to the Governor and the General Assembly.”
According to research by CoinLedger, Virginia has the fifth-highest crypto tax rate in the United States. But for 2025 and 2026, it set aside $17,192 for the Blockchain and Crypto Commission. The Subcommittee on General Government of the Virginia Senate Finance and Appropriations Committee distributed roughly $23.6 million to several legislative agencies.
In Fairfax County, Virginia, police officers and government workers may look forward to retiring with Bitcoin dividends. This comes after Morgan Creek Digital, a company that manages digital assets, announced a new crypto startup fund with $40 million.
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