Utah creates a new blockchain and digital innovation task force

The governor of Utah, Spencer Cox, signed a bill to establish the Blockchain and Digital Innovation Task Force.
The governor of Utah, Spencer Cox, signed a bill to establish the Blockchain and Digital Innovation Task Force.

The governor of Utah, Spencer Cox, signed a bill to establish the Blockchain and Digital Innovation Task Force following roughly three years of discussion about organizing a task force to supervise blockchain and crypto activities.

In early February 2022, the Utah State Legislature introduced House Bill 335, which took nearly two months to pass through multiple senates, houses, and budgetary acts before being approved by Governor Cox on March 24.

Making policy recommendations pertaining to blockchain and similar technologies is one of the task force’s key responsibilities. The bill states in part:

“[The task force shall] develop and introduce recommendations regarding policy pertaining to the promotion in the state of the adoption of blockchain, financial technology, and digital innovation.

Task force of Utah has 20 members

The task force in Utah will be made up of up to 20 people with a variety of blockchain, cryptocurrency, and financial technology skills. The president of the Senate will nominate up to five members, the speaker of the House of Representatives will appoint up to five members, and the governor will appoint up to five members.

The task force is mandated to report to two committees of the Utah State Senate, the Business and Labor Interim Committee and the Legislative Management Committee, on or before November 30 each year. It must also be supported by the Utah Division of Finance, according to the measure. Non-financial incentives for industries in the state relating to blockchain, financial technology, and digital innovation are also included in the policy recommendations.

Recently, as TheCoinRise reported, the United States Securities and Exchange Commission or SEC announced intentions to double down the number of staff responsible for safeguarding investors in cryptocurrency marketplaces as state and federal regulators investigate the least disruptive extent of crypto adoption.