After nearly three years of discussions about creating a task force to oversee blockchain and cryptocurrency initiatives, Utah Governor Spencer Cox signed a bill creating the Blockchain and Digital Innovation Task Force.
The Utah Legislature first introduced House Bill (HB 335) in early February 2022, which took nearly two months to pass through the Senate, House and fiscal action before finally being signed by Governor Cox on March 24.
Some of the main responsibilities assigned to the working group include making policy recommendations related to blockchain and related technologies. Part of the bill reads as follows:
“(The task force should) develop and present policy recommendations on promoting the adoption of blockchain, financial technology and digital innovation in the state.”
Under the bill, the Utah task force would consist of as many as 20 members with varying expertise in blockchain technology, cryptocurrencies and financial technology. Of these, up to five members will be appointed by the President of the Senate, up to five members will be appointed by the Speaker of the House of Representatives, and up to five members will be appointed by the Governor of Utah.
Additionally, the bill requires the Utah Department of Finance to provide staffing support to the task force. The policy proposals also include developing non-fiscal incentives for the state's industries related to blockchain, fintech and digital innovation.
Once established, the task force is required to report to two committees of the Utah Senate on or before November 30 each year, the Interim Committee on Commerce and Labor and the Legislative Management Committee.
The U.S. Securities and Exchange Commission (SEC) has announced plans to double the number of staff tasked with protecting investors in the cryptocurrency market as state and federal regulators explore the least disruptive scope for cryptocurrency adoption.
As Cointelegraph reported, the U.S. SEC’s Cyber Division, which includes the Crypto Assets and Cyber Team, will hire 20 new employees for 50 specialized positions, including investigators, trial lawyers and fraud analysts.
U.S. SEC Chairman Gary Gensler welcomed the move, while emphasizing the cyber division’s success in combating fraudulent activity in the crypto space, saying:
"By nearly doubling the size of this critical division, the SEC will be better equipped to police misconduct in the crypto markets while continuing to identify disclosure and control issues related to cybersecurity."
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