Utah Governor Passes Bill to Create a Blockchain and Digital Innovation Task Force

The governor of the US state of Utah, Spencer Cox has written a bill to set up a ‘Blockchain and Digital Innovation Task Force’ to enable Utah to recommend policy action to the US government. It comes nearly three years after talks to create a task force began and less than two months after the bill was introduced in February. The governor signed the bill on March 24 after several deliberations and discussions about it in the Utah State Legislature.

“The task of the Task Force is to draft and implement policy suggestions relating to the blockchainAdoption of digital innovation and fintech in the state.” reads the bill,

According to the bill, the task force will consist of 20 members with substantial experience in crypto, financial and blockchain technologies. The governor, the House speaker, and the president of the Senate will be tasked with signing up to five delegates for each task team. Notably, staff support will also be provided by the Utah Division of Finance.

By November 30 of each year, the task force must submit its report to the Legislative Management Committee and the Utah Senate’s Trade and Labor Interim Committee. However, there is a set time frame for when the Task Force will be set up.

This step also comes a week later US Securities and Exchange Commission (SEC) Enhanced its workforce to fight crypto crime and fraud in the newly announced Crypto Assets and Cyber ​​Unit. The total number of employees will increase from 30 to 50, increasing the agency’s ability to prosecute securities law violations related to new crypto products.

one in Press releaseCited a fast growing period for the SEC crypto Markets and associated responsibility to protect investors from the increased risk of fraudulent investment schemes.

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