Bill No. 339 Progress: Virginia's Push for Crypto Growth

Virginia’s Senate Bill No. 339 has moved forward with unwavering backing from the House of Delegates. The bill’s progress is a big step toward promoting blockchain innovation and growth.

It also shows the state’s dedication to researching and aiding the growth of the crypto sector.

Virginia’s Leap Forward in Blockchain and Crypto Innovation

What’s Bill 399 about? The bill was introduced on February 5th, 2024, and seeks to establish a workgroup to research and study the crypto ecosystem and other budding tech sectors. The state’s House of Delegates passed the bill on March 4 in an intriguing style. About 97 people stood in support of the bill, with only one against it. Two other lawmakers chose to abstain from voting on the bill. 

The bill establishes a special committee with members from the House of Delegates, the Senate, the blockchain sector, and local government. In addition, the group will have a total of 13 members. It would include five senators and five members of the House of Delegates. In addition, there would be two non-legislative members from the blockchain sector and one from the local government.

The group is tasked with completing all of its research on the cryptocurrency ecosystem by November 1, 2024. And to provide its findings “no later than the first day of the 2025 Regular Session of the General Assembly.”

Senator Saddam Azlan Salim introduced the bill early this year. An aspect of the new law seeks to restrict certain regulations and exempt miners from getting money transmitter licenses.

US States and Their Crypto Stance

US states generally adopt different stances when it comes to regulating the crypto industry. For example, Virginia has made huge progress in pushing for the research of cryptocurrencies. However, Florida offers the best crypto tax benefits in the US. 

Interestingly, Virginia does not rank among the top five jurisdictions in terms of crypto tax benefits. However, it has one of the most proactive laws for crypto growth in the US. The state recently allocated funds to the development of artificial intelligence and the crypto industry. 



The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.