Virginia Senate Committee Recommends Annual Funding for New AI and Crypto Commissions

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Virginia Senate Committee Recommends Annual Funding for New AI and Crypto Commissions

A Virginia Senate Committee has put forward a recommendation for an annual combined fund allocation of $39,240 to support two recently established commissions focused on artificial intelligence (AI) and cryptocurrency.

The proposal, presented by a Subcommittee of Virginia’s Senate Finance and Appropriations Committee on February 18, allocated over $23.6 million to various legislative departments.

Among these allocations, the Blockchain and Cryptocurrency Commission (SB 439) and the Artificial Intelligence Commission (SB 487) received proposed funding amounts for the years 2025 and 2026.

Blockchain and Crypto Commission to Get $17,000

The Blockchain and Cryptocurrency Commission, formed in January 2024, is set to receive a general fund allocation of $17,192 over the specified two-year period.

The commission’s primary responsibility is to study blockchain technology and cryptocurrencies, provide recommendations, and foster their growth within the state.

The commission will consist of 15 members, including seven legislative and eight nonlegislative members, who will be appointed within 45 days of the act’s effective date.

Similarly, the Artificial Intelligence Commission, currently under review by the Committee on Communications, Technology, and Innovation, has recommended funding of $22,048 for the same duration.

The commission’s objective is to develop and maintain policies that regulate the use of AI to prevent unlawful activities and ensure ethical implementation.

The legislation to amend the Code of Virginia and establish the Blockchain and Cryptocurrency Commission was introduced on January 9 and received unanimous approval from the Senate on February 1.

Virginia Pushes Froward With Crypto Legislations

Virginia has been proactive in creating legislative bodies dedicated to fostering the growth of the crypto and AI industries.

In addition to these commissions, the state recently introduced crypto-mining legislation that aims to provide favorable conditions for individuals and businesses involved in mining activities.

Senate Bill No. 339, proposed by Senator Saddam Azlan Salim, seeks to exempt miners from obtaining money transmitter licenses and prohibits mining-specific ordinances in industrial zones.

The bill clarifies that individuals engaged in home digital asset mining or digital asset mining businesses are not required to obtain licenses under the specified chapter.

However, companies offering mining or staking services must file a notice to qualify for the exemption.

Furthermore, the legislation proposes allowing individuals to exclude up to $200 per transaction from their net capital gains for tax purposes when using digital assets for purchasing goods or services.

This provision incentivizes the use of cryptocurrencies for everyday transactions by offering tax benefits.

As reported, police officers and other state employees in Virginia’s Fairfax County will be looking forward to retirement with potential dividends from Bitcoin thanks to a new $40 million crypto venture fund by digital asset management firm Morgan Creek Digital.

According to the announcement, two separate pension funds that collectively manage USD 1.2 billion in assets for the state’s police force and other employees are backing the fund: Fairfax County, Virginia’s Police Officer’s Retirement System and Employees’ Retirement System.

Part of the USD 40 million has already been invested in startups including Bakkt and Coinbase.

The post Virginia Senate Committee Recommends Annual Funding for New AI and Crypto Commissions appeared first on Cryptonews.

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