Virginia’s Senate Finance and Appropriations Committee has endorsed a funding plan to support two commissions dedicated to artificial intelligence and cryptocurrency. The allocation totals $39,240 per year and is part of a broader $23.6 million budget for legislative operations.
Formation of Dedicated Commissions
The recently formed Blockchain and Cryptocurrency Commission, which began its operations in January 2024, is set to receive $17,192 annually for 2025 and 2026. Its counterpart, the Artificial Intelligence Commission, formerly known as the Communications, Technology, and Innovation Committee, has been granted $22,048 for the same timeframe. These commissions are tasked with research, policy-making, and fostering growth within their respective sectors in Virginia. The Blockchain and Cryptocurrency Commission, composed of 15 members, will concentrate on blockchain and digital currencies, while the Artificial Intelligence Commission will focus on regulating AI to prevent misuse.
Legislative Advances for Crypto and AI
Virginia has also introduced legislation that benefits cryptocurrency mining and usage. Senator Saddam Azlan Salim presented a bill that would allow crypto miners to operate without money transmitter licenses and prevent local industrial zones from imposing additional regulations on mining activities. Further, the proposed law suggests tax exemptions for individual net capital gains from crypto transactions up to $200, incentivizing the use of digital currencies for everyday purchases.
The legislative changes in Virginia showcase a strategic effort to integrate and regulate emerging technologies while encouraging their adoption. By establishing these commissions and enacting supportive legislation, the state aims to position itself as a leader in managing and harnessing the potential of AI and cryptocurrencies.