Utah Set up a Working Group on Blockchain and Digital Innovation; The Governor Signed the Bill

Written by C, Fiona

Last updated: 2022-05-09

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Utah Governor Spencer Cox has approved a bill to create a blockchain and digital innovation working group, which will enable Utah to recommend policy actions to the government.

This is less than two months after the bill was introduced in February, nearly three years after the start of discussions on the establishment of the working group. After many deliberations and discussions on the bill in Utah’s parliament, the governor signed the bill on March 24. With the approval, the state can now establish a task force to recommend policy actions to the government on blockchain and related technologies.

These proposals will also include non-financial incentives for the state’s fintech, blockchain and digital innovation industries.

“[the task force shall] formulate and make policy recommendations on promoting the adoption of blockchain, financial technology and digital innovation in the state,” part of the act.

According to the bill, the task force will have 20 members with experience in financial technology, cryptocurrency and blockchain technology. The governor, the president of the Senate and the president of the house of representatives will be responsible for appointing up to five members of the task force. The Utah Department of finance will also provide personnel support.

The working group must submit its report to the legislative administration committee and the Interim Committee on business and labor of the Utah Senate by November 30 of each year. However, there is no definite date for the establishment of the task force.

Through this initiative, Utah consolidated its position as one of the states that took a positive position on cryptocurrency. Some federal agencies are studying different aspects of the industry in accordance with President Biden’s executive order.

New York and California

Although their report is expected to be completed in the coming months, several states have been actively reviewing cryptocurrencies. New York, in recent weeks, has issued a series of cryptocurrency regulations.

California is also considering a comprehensive legal framework for cryptocurrencies. Governor Gavin Newsom signed an executive order to help the state achieve its goals.Increased interest in cryptocurrency regulations also extends to the securities and Exchange Commission. The agency recently announced that it would recruit 20 people for its network department, including a team focused on cryptocurrency assets.