Back in March 24, the governor inked the bill after multiple discussions on the subject in the Utah State Legislature. Following the endorsement, the state can set up a working group to suggest regulatory measures to the government on blockchain and associated technologies. The suggestions will also encompass financial rewards for blockchain, fintech, and digital innovation sectors locally.
The bill reads as follows:
“The task team intends to draft and implement suggestions associated with policies related to the furtherance of blockchain, digital innovation, and financial technology adoption in the state.”
As per the bill, the task force will consist of 20 members with adequate experience in cryptos, financial, and blockchain technologies. The governor, house speaker, and president of the senate will be given the task of signing up a maximum of five representatives for each task team. Notably, staff assistance will also be provided by the Utah Division of Finance.
By November 30 of each year, the task force will have to table its report to the Legislative Management Committee and the Business and Labor Interim Committee of the Utah Senate. Nevertheless, there is a scheduled time frame for when the task team will be set up.
Following the initiative, Utah solidifies its stance as one among the states adopting a friendly stance on cryptocurrencies. Multiple federal agencies are exploring various characteristics of the industry in accordance with the executive order issued by US President Biden. Even though the detailed report will take a few months to be out, multiple states have already started studying crypto on a proactive basis.
For instance, in the last few weeks, New York has unveiled a series of cryptocurrency legislation. California is also looking at elaborate legislative infrastructure for cryptocurrency. Governor Gavin Newsom inked an executive order structure to assist the state in attaining its objective.
The rising interest in cryptocurrency rules also broadens to the US Securities and Exchange Commission. Of late, the agency announced that it will be signing up 20 people for its Cyber Unit, which includes the group focused on digital assets.