After nearly three years of discussion on establishing a task force to oversee blockchain and cryptocurrency-related initiatives, Utah Governor Spencer Cox signed a bill to create the Blockchain and Digital Innovation Task Force.
The Utah State Legislature first saw the introduction of the bill (HB 335) in early February 2022which took almost two months to go through several senates, chambers and fiscal actions before being finally signed by Governor Cox on March 24.
Some of the main tasks assigned to the work team consist of make policy recommendations related to blockchain and related technologies. A part of the bill says:
“[El equipo de trabajo] will develop and introduce policy recommendations regarding the state of the art of blockchain adoption, fintech and digital innovation.”
Under the bill, the Utah task force will consist of a maximum of 20 members with diverse experience in blockchain technology, cryptocurrency and financial technologies. Of the group, up to five members will be appointed by the president of the Senate, up to five members by the president of the House of Representatives and up to five members by the governor, among others.
In addition, the bill also requires the Utah Division of Finance to provide staff support to the task force. The policy recommendations also entail the development of non-financial incentives for the state’s industries related to blockchain, fintech, and digital innovation..
Upon its creation, the task force will report annually, by November 30, to two committees of the Utah State Senate.: the Interim Business and Labor Committee and the Legislative Management Committee.
As state and federal regulators explore the less disruptive scope of cryptocurrency adoption, the United States Securities and Exchange Commission (SECfor its acronym in English) announced plans to double the number of staff responsible for safeguarding investors in the crypto markets.
As Cointelegraph reported, the SEC’s Cyber Unit, which includes the Crypto Assets and Cyber team, will have 20 new people for 50 dedicated positions, including investigative staff attorneys, trial attorneys and fraud analysts.
SEC Chairman Gary Gensler welcomed the move and highlighted the success of the Cyber Unit in combating fraudulent activity in the cryptocurrency space, stating that:
“By nearly doubling the size of this key unit, the SEC will be better equipped to police breaches in the cryptocurrency markets, while continuing to identify disclosure and enforcement issues regarding cybersecurity.”
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