U.S. Utah governor approves blockchain task force, aims to lead new innovation

  • Utah Governor Spencer Cox approved the blockchain task force after three years of deliberations
  • The group will focus on the adoption of blockchain, financial technology, and digital innovation.

After nearly three years of discussion about creating a task force to oversee blockchain and crypto-initiatives, Utah Governor Spencer Cox signed a bill creating a Task Force on Blockchain and Digital Innovation. The main responsibilities of this group will be the adoption of blockchain, as well as the development of digital services and technologies based on blockchain technology.

[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 Utah task force would consist of up to 20 members with diverse backgrounds in blockchain technology, cryptocurrency, and financial technology. In addition, the bill also requires the Utah Division of Finance to provide staff support to the task force. The policy recommendations also entail developing non-financial incentives for industries in the state related to blockchain, financial technology, and digital innovation.

The task force will be required to report annually by Nov. 30 to two Utah Senate committees, the Interim Business and Labor Committee, and the Legislative Management Committee.

As state and federal regulators examine the least disruptive scope of cryptocurrency adoption, the U.S. Securities and Exchange Commission (SEC) announced plans to double the number of staff responsible for protecting investors in cryptocurrency markets.

The SEC’s Cyber Division, which includes the Crypto Assets and Cyber teams, will hire 20 new people for 50 specialized positions, including investigative staff attorneys, trial attorneys, and fraud analysts. SEC Chairman Gary Gensler welcomed the move, highlighting Cyber’s success in cracking down on fraudulent activity in the crypto space, 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 controls issues with respect to cybersecurity.

Recently, we have seen an increasing immersion of American states into the field of cryptocurrencies and blockchain. This positive attention from lawmakers should have a positive effect on the declining cryptocurrency market. It is likely that in the near future we will see more and more countries and American states paying attention to cryptocurrencies and blockchain. Especially against the backdrop of high inflation and an unstable political environment.

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