Utah Governor Approves a Task Committee on Digital Innovation and Blockchain

Key Takeaways

  • Utah’s Governor Cox signed legislation establishing a task force to oversee blockchain and cryptocurrency projects. 
  • The task force’s mandate is to monitor the uptake of various blockchain applications. It should promote the growth and adoption of fintech and virtual assets, as well as policy development in this area.

Governor Spencer Cox of Utah signed legislation establishing the Blockchain and Digital Innovation Task Force. The bill comes after nearly three years of discussion on organizing a task group to oversee blockchain and crypto projects.

In early February 2022, Utah’s state legislature received House Bill 335 (HB 335). A number of Senate, House, and Tax Committee hearings were held before the bill was signed by the governor on March 24.

Providing policy advice on Blockchain and related technology is among the agency’s responsibilities. A technical working group is emphasized in the bill. Its mandate appears to be to oversee the deployment of various blockchain applications. Furthermore, it should promote growth and adoption.

Several experts in different fields related to Bitcoin, cryptocurrency, and financial technology will be included in the technical working group, according to the bill. The group has been mandated to report to two select committees of the Utah State Senate.

The Securities and Exchange Commission (SEC) of the United States wants to protect cryptocurrency investors. The SEC announced plans to increase employees responsible for protecting investors in cryptocurrency marketplaces. All of this is happening as state and federal regulators look at the least disruptive extent of cryptocurrency adoption.

The SEC’s Cyber Unit would hire 20 additional employees for 50 dedicated posts. Investigatory staff attorneys, case managers, and fraud analysts are among them. Gary Gensler applauded the initiative of expanding employees. Gary emphasized the Cyber Unit’s accomplishments in battling fraud in the cryptocurrency market.

State agencies and Utah’s IT industry are collaborating to transform the state. House Bill 456 authorizes the state to accept bitcoin as payment. Governor Spencer Cox: The government has yet to develop appropriate crypto regulations.

Businesses in Utah, such as Overstock, accept cryptocurrency as payment. Furthermore, this year’s bill empowers the state Department of Finance to recognize digital assets.

State agencies and Utah’s expanding digital industry are working together to improve the state. They hope to attract technology improvements to the Busy State. Their goal is to embrace blockchain and cryptocurrency firms in order to attract larger corporations.

Many users buy digital money in the same way they buy stocks. Despite this, Utah investors and government officials believe cryptocurrency may help underprivileged populations. Two senators introduced crypto-related legislation this year. These laws dealt with digital currencies and blockchain technology. House Bill 456 authorizes the state to accept Cryptocurrency.

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Baisakhi Mishra