Governor of Utah Spencer Cox signed a bill to build Blockchain and Digital Innovation Task Force


The Task Force
will enable Utah state to recommend policy actions on blockchain and related
technologies to the government. Additionally, the policy recommendations will
include non-financial incentives for financial technology, blockchain, and
digital innovation-related industries within the state. Taskforce members are
expected to develop and present specific policy recommendations regarding the
promotion of the adoption of blockchain technology, financial technology, and
digital innovation in the state.
As per the bill, there will be 20 members in the task force who will have experience in
financial technologies, cryptocurrency, and blockchain technology. The
governor, president of the senate, and house speaker will have the
responsibility of appointing a maximum of five members each for the task force.
Staff support will also be offered by the Utah Division of Finance.
On or before
November 30 of each year, the task must submit its report annually to two committees
of the Utah State Senate which are the Legislative Management Committee and the
Business and Labor Interim Committee of the Utah Senate on the establishment.
Although there’s no set date for when the task force will be established.
This step took
place after nearly three years of a long discussion about establishing a task
force to oversee blockchain and crypto initiatives. This year, at the
beginning of February, the Utah State Legislature first saw the introduction of
the house bill (H.B. 335). Two months took to introduce and pass through
several senates, houses, and fiscal actions. Finally, on 24th March it
got signed by Governor Cox.
This move creates
Utah's position as one of the states taking a proactive stance on crypto. According
to President Biden's executive order, a number of federal agencies are studying
various aspects of the industry. Recently New York has released a slew of
crypto regulations. California is also working on a comprehensive legal
framework for crypto. An executive order signed by Governor Gavin Newsom is focused to help the state achieve its goal.
The Securities and Exchange Commission is also becoming more interested in crypto regulation.
Recently U.S. Securities and Exchange Commission (SEC) plans to double the
number of personnel in charge of protecting investors in cryptocurrency
markets. The agency announced that 20 new employees are being hired for 50 new
positions within the SEC's Cyber Unit that will include a team focused on
crypto assets, including attorneys, trial lawyers, fraud analysts, and
investigators. Gary Gensler praised the move while pointing out the Cyber
Unit's accomplishments in combating fraud in the crypto world, “By nearly doubling
the size of this key unit, the SEC will be better equipped to police wrongdoing
in the crypto markets while continuing to identify disclosure and controls
issues with respect to cybersecurity.”

Indrani bose
CBW - External Analyst
INDIA