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.
#Crypto Rights Bill Introduced in #Virginia https://t.co/S983SzSN81
— Bitcoin.com News (@BTCTN) January 20, 2024
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.
JUST IN: Three more US states have now introduced the Blockchain Basics Act.
– Ohio
– Mississippi
– South CarolinaThis law protects the right of individuals to hold and transact in #bitcoin against a CBDC pic.twitter.com/exeyYZulRC
— Simply Bitcoin (@SimplyBitcoinTV) February 19, 2024
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.
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