Crypto
Feb 19, 2024 10:20 AM EST
A senate committee in Virginia has suggested allocating a total of $39,240 per year for two recently established panels on bitcoin and artificial intelligence (AI).
The Senate Finance and Appropriations Committee's Subcommittee on General Government proposed allocating roughly $23.6 million for several legislative agencies on February 18. A suggested general fund of $17,192 for 2025 and 2026 was given to the Blockchain and Cryptocurrency Commission, which was founded in January 2024, out of the total.
For the same time period, $22,048 was allocated to the Artificial Intelligence Commission, which is now known as the Committee on Communications, Technology, and Innovation.
The Blockchain and Cryptocurrency Commission's mandate includes researching, recommending, and encouraging the growth of blockchain and cryptocurrency in the state. Ten legislative and eight nonlegislative members will make up its fifteen members, who shall be nominated "no later than 45 days after the effective date of this act."
In a similar vein, the Artificial Intelligence Commission seeks to create and uphold regulations that will ultimately restrict AI use in order to prevent illicit activity.
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On January 9, a measure to create the blockchain and cryptocurrency commission and change the Virginia Code was introduced. On February 1, the Senate passed it with a unanimous vote.
In a similar vein, the Artificial Intelligence Commission seeks to create and uphold regulations that will ultimately restrict AI use in order to prevent illicit activity.
On January 9, a measure to create the blockchain and cryptocurrency commission and change the Virginia Code was introduced. On February 1, the Senate passed it with a unanimous vote.
Virginia has presented crypto mining legislation that benefits both individuals and corporations, in addition to creating new legislative committees focused on cryptocurrency and AI ecosystems.
Senate Bill No. 339, which seeks to exclude miners from getting money transmitter licenses, was submitted by Senator Saddam Azlan Salim on January 9. Additionally, the measure forbids mining-specific ordinances to be imposed in industrial zones.
Businesses that provide mining or staking services are exempt from the bill's definition of a "financial investment," but they still need to file a notice in order to be eligible for the exemption.
According to the Act, a person's net capital gains for tax purposes may be excluded from up to $200 in transactions. Gains obtained from utilizing digital assets to pay for products or services are excluded from this exclusion. Therefore, the measure uses tax incentives to encourage the use of cryptocurrencies for regular transactions.
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