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Virginia Senate Committee Recommends Funding for AI and Cryptocurrency Commissions
A Virginia Senate Committee has put forward a recommendation for an annual combined fund allocation of $39,240 to support two recently established commissions focused on artificial intelligence (AI) and cryptocurrency.
Blockchain and Crypto Commission Fund Allocation
The Blockchain and Cryptocurrency Commission, formed in January 2024, is set to receive a general fund allocation of $17,192 over the specified two-year period. The commission’s primary responsibility is to study blockchain technology and cryptocurrencies, provide recommendations, and foster their growth within the state.
Artificial Intelligence Commission Funding
The Artificial Intelligence Commission, currently under review by the Committee on Communications, Technology, and Innovation, has been recommended funding of $22,048 for the same duration. The commission’s objective is to develop and maintain policies that regulate the use of AI to prevent unlawful activities and ensure ethical implementation.
Virginia’s Proactive Stance
Virginia has been proactive in creating legislative bodies dedicated to fostering the growth of the crypto and AI industries. In addition to these commissions, the state introduced crypto-mining legislation that aims to provide favorable conditions for individuals and businesses involved in mining activities.
Benefits and Investments
As reported, police officers and other state employees in Virginia’s Fairfax County will potentially benefit from a new $40 million crypto venture fund by digital asset management firm Morgan Creek Digital.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
