Virginia 2024 Regular Session

Virginia Senate Bill SB439

Introduced

1/9/24

Refer

1/9/24

Report Pass

1/26/24

Engrossed

1/31/24

Refer

2/13/24

Refer

2/19/24

Report Pass

2/23/24

Refer

2/23/24

Report Pass

2/28/24

Engrossed

3/4/24

Engrossed

3/5/24

Enrolled

3/8/24

Chaptered

4/8/24

Passed

4/8/24

Caption

Blockchain and cryptocurrency; Joint Commission on Technology & Science to examine use, etc.

Impact

The bill sets a framework for assessing how blockchain and cryptocurrency can be integrated into state operations and the potential impacts on state revenues, alongside the environmental implications of energy consumption from cryptocurrency operations. This is significant as it recognizes the growing influence of digital assets and aims to ensure that Virginia is prepared to handle the associated challenges and opportunities responsibly.

Summary

SB439 proposes the establishment of a Joint Commission on Technology and Science (JCOTS) to analyze the expansion of blockchain technology and cryptocurrency in Virginia. This bill mandates the JCOTS, in consultation with the State Corporation Commission and other stakeholders, to examine the risks, benefits, and implications of these technologies for state and local government entities and businesses within the Commonwealth of Virginia. A key objective is to study the potential creation of a Blockchain and Cryptocurrency Commission that would focus on developing regulatory recommendations.

Sentiment

The sentiment surrounding SB439 appears generally positive as it highlights the state’s proactive approach toward emerging technologies. There is a recognition of the importance of conducting thorough research to gauge blockchain and cryptocurrency's impact, which proponents believe will foster innovation while ensuring public interests such as privacy and regulatory compliance are safeguarded.

Contention

Potential points of contention might revolve around the balance between technological innovation and regulatory oversight. Some stakeholders may express concerns regarding privacy risks associated with blockchain technologies or the environmental impact of the cryptocurrency industry. Additionally, discussions may arise concerning the timeline for JCOTS’s findings and who will comprise the Blockchain and Cryptocurrency Commission, as these factors could significantly influence the bill's effectiveness and reception.

Latest VA SB439 Activity

View All Events: VA 2024 Regular Session SB439

Companion Bills

No companion bills found.

Previously Filed As

VA S38

Resolve establishing a special commission on blockchain and cryptocurrency technology

VA HB2654

Cryptocurrency and blockchain commission

VA H88

Establishing a special commission on blockchain and cryptocurrency

VA LD1286

Resolve, to Establish the Commission to Study the Impact of Blockchain Technology and Cryptocurrency on Maine's Economy and the Risks of Fraud and Theft to Maine Consumers

VA A03279

Establishes the New York state cryptocurrency and blockchain study task force to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology, in the state.

VA S04728

VA H7956

JOINT RESOLUTION CREATING A SPECIAL LEGISLATIVE COMMISSION TO STUDY BLOCKCHAIN AND CRYPTOCURRENCY (Creates a 5 member commission to recommend legislative proposals for blockchain and cryptocurrency, and submit an interim progress report by January 5, 2027, and a final report by January 5, 2028, and would expire on February 5, 2028.)

VA S0373

JOINT RESOLUTION CREATING A SPECIAL LEGISLATIVE COMMISSION TO STUDY BLOCKCHAIN AND CRYPTOCURRENCY (Creates a 5 member commission to recommend legislative proposals for blockchain and cryptocurrency, and submit an interim progress report by January 5, 2026, and a final report by January 5, 2027, and would expire on February 5, 2027.)

VA S2198

VA H5810

JOINT RESOLUTION CREATING A SPECIAL LEGISLATIVE COMMISSION TO STUDY BLOCKCHAIN AND CRYPTOCURRENCY (Creates a 7-member commission to for proposals encouraging a positive economic environment for blockchain and cryptocurrency, and would submit an interim report by January 5, 2026, a final report by January 5, 2027, and expires on February 5, 2027.)

Similar Bills

No similar bills found.