Governor Spencer Cox of Utah has approved legislation to establish a task force that will look into introducing digital and blockchain development in the country. Among the responsibilities of the task group would be making recommendations to the state on blockchain technology policy issues. Also, California and New York have issued various distinct crypto-related regulatory rules to guide crypto usage in their state.

The Utah Task Force To Suggest Policies On Cryptocurrency And Blockchain Development 

Utah’s present Governor, Spencer Cox has signed legislation to establish a Blockchain tech and Virtual Development Task Force. This agency will be tasked with making policy recommendations to the federal government to favour the sector.

This decision comes years after discussions about forming the task force began in 2019 and after the bill was introduced in February. The governor approved the law on the 24th of March following many months of study and discussion in the state’s Legislature. 

Now that the bill has been approved, the state can organize a task group to provide recommendations to the state on policy steps to take in the area of blockchain and its associated technology. In addition to financial subsidies, the suggestions will include non-financial subsidies for the state’s blockchain, fintech, and digital advancement businesses. A part of the bill states that;

“The new task force must explore and submit recommendations about policy relevant to the advancement of blockchain, fintech, and digital advancement.

Furthermore, the community will comprise 20 people who have prior expertise in fintech, blockchain, and crypto technology. The senate president, the House Speaker, as well as the Governor will be tasked with nominating a total of five members to the task group. 

Also, Utah’s Finance Division will provide personnel assistance. The task group will be required to produce a report to the Business and Labor Interim Committee and Legislative Management Committee of the Utah Senate by the 30th of November of each calendar year. However, the date for establishing the task group has not been given. 

With this decision, Utah solidifies its status as one of the states adopting a proactive approach to cryptocurrency. Following Biden’s executive action, several government agencies are conducting investigations into various parts of the business.

California And New York 

Although their findings are due over the next months, numerous states have already been actively investigating cryptocurrency. In recent weeks, the city of New York issued various crypto-related rules to protect investors’ rights.

Additionally, California is contemplating a full legal framework for cryptocurrency. A recent executive directive issued by Governor Newsom is intended to assist the state in reaching its objective.

The U.S. SEC has shown an increasing interest in cryptocurrency rules. The organization recently stated that it would be employing 20 new employees for its Cyber Unit, including a group dedicated to cryptocurrency assets.