Business

Utah Governor Approves Blockchain and Digital Innovation Task Force

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After nearly three years of discussion about creating a task force to oversee blockchain and crypto initiatives, Utah Gov. Spencer Cox signed into law a bill creating the Blockchain and Digital Innovation Task Force.

The Utah state legislature first saw the introduction of the House Bill (HB 335) in early February 2022, which took almost two months to go through several Senate, House and fiscal measures before finally being signed into law by Gov. Cox on March 24 .

Some of the task force’s primary responsibilities are to make policy recommendations related to blockchain and related technologies. Part of the bill reads:

“[The task force shall] Development and introduction of policy recommendations related to the advancement of the state of adoption of blockchain, financial technology and digital innovation.”

According to the bill, the Utah task force will consist of up to 20 members with varying expertise in blockchain technology, cryptocurrency and financial technologies. Among other things, up to five members are elected by lot by the President of the Senate, up to five members by the Speaker of the House of Representatives, and up to five members by the Governor.

In addition, the bill also requires the Utah Division of Finance to provide staffing support to the task force. The policy recommendations also include the development of non-financial incentives for industries in the state related to blockchain, financial technology and digital innovation.

Once established, the task force must report annually on or before November 30 to two Utah State Senate committees – the Business and Labor Interim Committee and the Legislative Management Committee.

Related: The SEC is doubling down on crypto regulation by expanding the entity

As state and federal regulators explore the least disruptive level of crypto adoption, the United States Securities and Exchange Commission (SEC) announced plans to double the number of staff responsible for protecting investors in cryptocurrency markets.

As Cointelegraph reported, the SEC’s Cyber ​​Unit, which includes the Crypto Assets and Cyber ​​Team, will hire 20 new employees for 50 dedicated positions, including investigative staff attorneys, litigators, and fraud analysts.

SEC Chairman Gary Gensler welcomed the move while also highlighting the Cyber ​​Unit’s success in combating fraudulent activity in the crypto space, stating:

“By nearly doubling the size of this key entity, the SEC will be better equipped to monitor misconduct in the crypto markets while continuing to identify cybersecurity-related disclosure and control issues.”