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A Virginia Senate committee recommends annual funding for a commission on new artificial intelligence and cryptocurrencies.

This sends a clear signal of support for research and regulation in these areas, which can increase investment in innovative projects and technologies.

Date: 2024-02-19 Author: Łukasz Michałek
A Virginia Senate committee recommends annual funding for a commission on new artificial intelligence and cryptocurrencies.

A Virginia Senate committee has proposed an annual funding allocation of $39,240 to support two recently established committees on cryptocurrencies and artificial intelligence (AI).

A subcommittee of the Virginia Senate Finance and Appropriations Committee submitted a proposal on February 18 allocating more than $23.6 million to various legislative departments. The Committee on Blockchain and Cryptocurrencies (SB 439) and the Committee on Artificial Intelligence (SB 487) were selected to receive the proposed funding amounts for 2025 and 2026.

The Blockchain and Cryptocurrency Commission, established in January 2024, will receive a total of $17,192 over two years. Studying blockchain and cryptocurrency technologies , generating ideas and supporting their development in the state are the commission’s main responsibilities. The commission, consisting of fifteen members – seven legislative and eight non-legislative – will be established within forty-five days of the law’s enactment.

Similarly, at the same time, the Artificial Intelligence Commission, which is currently overseen by the Communications, Technology and Innovation Commission, has been proposed funding of $22,048.

Its goal is to develop and adhere to policies on the use of artificial intelligence to ensure ethical implementation and prevent illegal activities. on January 9, legislation was introduced to amend the Code of Virginia and establish a Commission on Blockchain and Cryptocurrencies. on February 1, the Senate unanimously approved it.

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Virginia has been actively creating legislative bodies to support the development of the cryptocurrency and artificial intelligence industry. In addition, the state has recently introduced regulations on cryptocurrency mining. Their goal is to provide favorable conditions for individuals and companies involved in cryptocurrency mining.

Proposed by Senator Saddam Azlan Salim, Senate Bill No. 339 aims to exempt miners from the need to have a license to transfer money. In addition, the bill prohibits the issuance of regulations on mining in industrial zones.

According to the bill, there is no licensing requirement for those engaged in digital mining activities at home or otherwise. To qualify for the exemption, however, companies offering mining services must file a notice.

In addition, the legislation proposes to allow individuals to exclude for tax purposes an amount of up to $200 per net capital gains transaction when using digital assets to purchase goods or services. This provision encourages the use of cryptocurrencies in everyday transactions by offering tax breaks.

Police officers and other state employees in Fairfax County, Virginia, will look forward to retiring with potential dividends from Bitcoin thanks to a new $40 million venture capital fund led by digital asset management firm Morgan Creek Digital.

According to the announcement, the fund is backed by two separate pension funds that together manage $1.2 billion in assets for the state police and other employees: the Fairfax County, Virginia State Police Officers’ Retirement System and the Employees’ Retirement System.

Some of the $40 million has already been invested in start-ups, including Bakkt and Coinbase.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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