The governor of Utah, Spencer Cox has signed a bill to create a Blockchain and Digital Innovation Task Force.
The bill has been in talks for three years and after its introduction in the Utah State Legislature in February 2022, the House bill was finally signed by the governor on March 24.
The bill talks about establishing a task force to oversee blockchain and crypto initiatives and making policy recommendations.
“[The task force shall] develop and introduce recommendations regarding policy pertaining to the promotion in the state of the adoption of blockchain, financial technology, and digital innovation,” states the bill.
The task force will also need to provide suggestions for non-financial initiatives for the development of industries related to blockchain, financial technology, and digital innovation.
The task force will consist of 20 members with expertise in blockchain technology, cryptocurrency, and financial technologies.
Out of these 20, the president of the Senate will pick five members, the speaker of the House of Representatives will appoint up to five members, and the governor will appoint five more.
Additionally, the Utah Division of Finance will be required to provide support staff to the task force.
Following its establishment, the task force will be obliged to report to the Utah State Senate’s Business and Labor Interim Committee and Legislative Management Committee on November 30 each year.
Crypto has been seeing a lot of popularity in the United States. Various states are trying to figure out the laws and regulations for this developing industry. A few days ago, the governor of California signed an executive order to promote cryptocurrencies and Web3 innovation.
California has become the first state in the US to begin “creating a comprehensive and harmonised framework” for web3 technology to flourish. As of now, a press release has been published mentioning seven rules.
