The Virginia Senate proposed allocating a budget for two committees to investigate AI and cryptocurrency issues.
The Virginia Senate committee proposed allocating a combined annual budget of $39,240 to two recently established committees to investigate artificial intelligence (AI) and cryptocurrency-related issues.
A proposal submitted on February 18 by the Subcommittee on General Government of the Senate Finance and Appropriations Committee allotted more than $23.6 million to several different legislative departments respectively.
The Blockchain and Cryptocurrency Commission founded in January 2024 received a proposed general fund totaling $17,192 for the years 2025 and 2026.
During the same period, the Committee on Communications, Technology and Innovation allocated a budget of $22,048. The Blockchain and Cryptocurrency Commission supports growth within the state by researching blockchain technology and cryptocurrency, as well as offering recommendations regarding these topics.
They will nominate 15 individuals for the assembly, seven legislative and eight nonlegislative, “no later than 45 days after the effective date of this act.”
In a similar vein, the Artificial Intelligence Commission has the goal of formulating and upholding regulations that will eventually restrict the application of AI to prevent instances of illegal behavior.
On January 9, the legislature was presented with the bill that would change the Code of Virginia and form the Blockchain and Cryptocurrency Commission. The Senate approved it on February 1st, in an unanimous vote.
Virginia has just introduced cryptocurrency mining legislation that is favorable to both individuals and corporations. This comes from establishing new legislative commissions centered on artificial intelligence and cryptocurrency ecosystems.
The objective of Senate Bill No. 339 which Senator Saddam Azlan Salim submitted on January 9, is to free miners from the requirement that they get permits to move money.
Additionally, the measure forbids industrial zones from enacting ordinances that are unique to mining regulations:
“No license under this chapter shall be required of any person engaging in-home digital asset 37 mining, digital asset mining, or digital asset mining business activities, as those terms are defined in § 38 15.2-2288.9.”
Businesses providing mining or staking services must submit a notice to be eligible for the exemption since the bill does not categorize them as “financial investments.”
The legislation being proposed allows individuals to deduct up to $200 from their net capital gains for tax purposes. This exclusion does not apply to gains made by using digital assets to purchase goods or services.
The measure encourages the use of cryptocurrencies for daily transactions by providing tax benefits.