Gouvernor of Utah authorises blockchain and digital innovation mission

Making policy recommendations linked to blockchain and associated technologies are some of the major responsibilities of the task force

A measure creating the Blockchain and Digital Innovation Task Force was signed into law by Utah Governor Spencer Cox after almost three years of debate on the need for such a body.

Initially introduced in early February 2022, H.B. 335 was signed into law by Governor Cox on March 24, almost two months after it was first introduced in the Utah State Legislature.

Making policy suggestions on blockchain and similar technologies is one of the key responsibilities allocated to the task group. The following text appears in the legislation:

In order to promote the use of blockchain technology, financial technology, and digital innovation in the state, the task force will create and provide policy proposals.

Utah’s task group on blockchain technology, cryptocurrencies, and financial technology will include up to 20 members, according to the law. The president of the Senate, the speaker of the House of Representatives, and the governor will each nominate up to five members from the remaining group.

In addition, the task group must have staff assistance from the Utah Division of Finance, as mandated by the statute. There should be non-financial incentives in place for blockchain, financial technology, and digital innovation sectors in the state.

The task force must provide an annual report to two Utah State Senate committees—the Business and Labor Interim Committee and the Legislative Management Committee—on or before November 30 of each year.

State and federal authorities are looking for a less disruptive way to implement cryptocurrencies, and the SEC has announced intentions to quadruple the number of staff members responsible for protecting cryptocurrency investors.

The SEC’s Cyber Unit, which comprises the Crypto Assets and Cyber team, will employ 20 additional workers for 50 specialised jobs, comprising investigative staff attorneys, trial lawyers, and fraud analysts.

Gary Gensler, chairman of the Securities and Exchange Commission (SEC), praised the action while stressing the accomplishments of the Cyber Unit in shutting down fraudulent operations in the crypto arena.

It is expected that the SEC would be able to better monitor cryptocurrency markets by roughly tripling the size of this crucial unit, while also continuing to discover transparency and control concerns related to cybersecurity.

Also Read: Bentley University In Massachusetts Now Accepts Bitcoin And Ethereum As Payment For Tuition