After nearly three years of discussion on the establishment of a task force to oversee blockchain and other crypto initiatives, Spencer Cox, Utah governor, signed legislation to establish the Blockchain and Digital Innovation Task Force.
First, the Utah State Legislature saw the introduction (H.B. 335) of the house bill. 335) was introduced in February 2022. It took almost two months for the bill to be passed through many senate, fiscal, and house actions before being signed by Governor Cox.
The task force is responsible for making recommendations regarding policy related to blockchain and related technology. The bill includes the following:
“The task force shall develop and present recommendations concerning policy pertaining to promotion in the state the adoption of Blockchain, Financial Technology, and Digital Innovation.”
The bill states that the Utah task force will include up to 20 members who have diverse expertise in financial technology, blockchain technology, and cryptocurrency. The president of the Senate will appoint five members, the speaker of Congress five, and the governor five.
The bill also mandates that the Utah Division of Finance provide support staff to the task force. These policy recommendations include the creation of non-financial incentives to assist industries in Utah with digital innovation, financial technology, blockchain and other technologies.
The task force must report to the Utah State Senate on or before November 30, each year, to the two Utah State Senate committees — the Business and Labor Interim Committee and Legislative Management Committee.
Related: SEC doubles down in crypto regulation through expanding unit
The United States Securities and Exchange Commission (SEC), which oversees federal and state regulators, announced plans to double the number responsible for protecting investors in crypto markets.
Cointelegraph reported that the SEC’s Cyber Unit (which includes the Crypto Assets and Cyber teams) will hire 20 people to fill 50 positions. These include fraud analysts, trial lawyers, and investigator staff attorneys.
Gary Gensler, Chairperson of the SEC, welcomed the move and praised the Cyber Unit’s success in combating fraudulent activity in the crypto space.
“The SEC will have a better chance to arrest wrongdoing on the crypto markets and continue to find disclosure and controls issues in cybersecurity by nearly double the size of the key unit.”