Spencer Cox, the governor of Utah, has signed a bill to create the Blockchain and Digital Innovation Task Force.
It has been reported that the Utah State Legislature first saw the introduction of the house bill (H.B. 335) in early February 2022, which took nearly two months to pass through several senates, house, and fiscal actions before finally being signed by Governor Cox on March 24. Some of the primary duties assigned to the task force involve making policy recommendations related to blockchain and related technologies.
A part of the bill reads:
“[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.”
However, according to the bill, the task force in Utah will consist of up to 20 members with diverse expertise in blockchain technology, cryptocurrency, and financial technologies. Out of the lot, up to five members will be appointed 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, among others.
The report said that upon establishment, the task force is required to report annually on or before November 30 to two committees of the Utah State Senate — the Business and Labor Interim Committee and the Legislative Management Committee.
As state and federal regulators explore the least disruptive scope of crypto adoption, the United States Securities and Exchange Commission (SEC) announced plans to double the number of personnel responsible for safeguarding investors in cryptocurrency markets.
As reported, the SEC’s Cyber Unit, which includes the Crypto Assets and Cyber team, will hire 20 new people for 50 dedicated positions including investigative staff attorneys, trial lawyers, and fraud analysts.
Thus, SEC Chairperson Gary Gensler said:
“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 controls issues with respect to cybersecurity.”