To authorize Utah to make policy recommendations to the federal government, Utah Governor Spencer Cox has signed legislation to establish a Blockchain and Digital Innovation Task Force.
This comes almost three years after discussions about forming the task committee began and less than two months after the measure was introduced in February.
After lengthy deliberations and discussions in the Utah State Legislature, the governor signed the law on March 24. The state can now form a task group to advise the government on blockchain and similar technology with the clearance.
The suggestions will also include non-financial incentives for the state’s fintech, blockchain, and digital innovation companies.
The task group will include 20 members with experience in financial technologies, bitcoin, and blockchain technology, according to the law.
“[The task force must] develop and present recommendations about policies relevant to the promotion of blockchain, financial technology, and digital innovation in the state,” the measure states in part.
The governor, Senate President, and House Speaker will each designate a maximum of five members to the task committee, for a total of fifteen members. Apart from this, the Finance division of Utah will also provide personnel assistance.
Research and observation reports by the task force must be submitted each year by November 30 to the Business and Labor Interim Committee and the Legislative Management Committee of the Utah Senate. However, no date for the task force’s establishment has been specified.
With this action, Utah firmly establishes itself as one of the states taking a tough stance on cryptocurrency. In accordance with President Biden’s executive order, many government agencies are investigating various parts of the sector.
The United States Securities and Exchange Commission (SEC) announced intentions to boost the number of staff responsible for protecting investors in cryptocurrency exchanges as state and federal authorities investigate the least disruptive level of crypto adoption.
According to Cointelegraph, the US Securities and Exchange Commission is hiring 20 new professionals for 50 specialized jobs, including investigative staff attorneys, trial lawyers, and fraud analysts, as part of its heightened interest in crypto legislation.
SEC Chairperson Gary Gensler commended the move and lauded the Cyber Unit’s work in addressing fraudulent behavior in the bitcoin space, stating:
“By almost doubling the size of this crucial unit, the SEC will be better able to investigate misconduct in the crypto markets while continuing to discover transparency and controls problems about cybersecurity.”
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