Spencer Cox, governor of Utah, signed a bill to form the Blockchain and Digital Innovation Task Force after almost three years of discussion about forming a task force to supervise blockchain and crypto efforts. The Utah State Legislature introduced House Bill 335 in early February 2022. It took the bill over two months to pass through multiple senates, houses, and budgetary acts before being approved by Governor Cox on March 24. One of the primary responsibilities of the task force is to make policy recommendations related to blockchain and similar technologies. The law states:
“[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.”
According to the law, the task team must also be supported by the Utah Division of Finance; non-financial incentives for industries in the state relating to blockchain, financial technology, and digital innovation are also included in the policy suggestions.
The task force in Utah would be made up of up to 20 people with a variety of blockchain, cryptocurrency, and financial technology skills. The president of the Senate may nominate up to 5 members; the speaker of the House of Representatives will also appoint up to 5 members, and the governor may also select up to 5 members of the task force, among others.
The task force is mandated to report to two committees of the Utah State Senate, the Business and Labour Interim Committee and the Legislative Management Committee, on or before November 30 each year.
US plans for blockchain and crypto task force
US Securities and Exchange Commission (SEC) announced plans to quadruple the number of staff responsible for safeguarding investors in cryptocurrency marketplaces as state and federal regulators investigate the least disruptive extent of crypto adoption.
According to sources, SEC’s Cyber Unit, which comprises the Crypto Assets and Cyber team, will employ 20 new workers for 50 specialised roles, including investigation staff attorneys, trial lawyers, and fraud analysts.
Gary Gensler, SEC Chairman, hailed the action, citing the Cyber Unit’s accomplishments in battling fraudulent crypto businesses, saying:
“By nearly doubling the size of this key unit, the SEC will be better equipped to police wrongdoing in the crypto markets while continuing to identify disclosure and control issues with respect to cybersecurity.”
