After nearly a three-year-long discussion about establishing a task force to oversee blockchain and crypto initiatives, the governor of Utah, Spencer Cox, signed a bill to create the Blockchain and Digital Innovation Task Force.
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 senate, house and fiscal actions before finally being signed by Governor Cox on 24th March.
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.”
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.
In addition, the bill also requires the Utah Division of Finance to provide staff support to the task force. The policy recommendations also entail the development of non-financial incentives for industries in the state related to blockchain, financial technology, and digital innovation.
Upon establishment, the task force is required to report annually on or before November…