Utah’s governor passes legislation creating a blockchain and digital innovation task force

Utah Governor Spencer Cox has authored a bill to create a “Blockchain and Digital Innovation Task Force” to allow Utah to recommend policies to the US government. This comes almost three years after talks began to set up the task force and less than two months after the bill was introduced in February. The governor signed the law into law on March 24 after several deliberations and discussions in the Utah state legislature.

“The task team intends to draft and implement proposals related to policies to promote blockchain, digital innovation and financial technology adoption in the state,” the bill reads.

According to the bill, the task force will consist of 20 members with reasonable experience in crypto, finance and blockchain technologies. The governor, the speaker of the house of representatives and the president of the senate are given the task of nominating a maximum of five representatives for each task team. Personnel support is also provided in particular by the Utah Division of Finance.

By November 30 of each year, the Task Force must submit its report to the Utah Senate Legislative Management Committee and Business and Labor Interim Committee. However, there is a time frame for setting up the task team.

The move also comes a week after the United States Securities and Exchange Commission (SEC) increased its staff to fight crypto crime and fraud in the newly announced Crypto Assets and Cyber ​​Unit. The total number of staff will increase from 30 to 50, increasing the agency’s ability to prosecute securities law violations related to new crypto products.

In a press release, the SEC cited a booming time for crypto markets and a corresponding responsibility to protect investors from the growing risk of fraudulent investment schemes. Utah’s governor passes legislation creating a blockchain and digital innovation task force

Ryan Sederquist

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