SB 439

Abstract

Joint Commission on Technology and Science; analysis of blockchain technology and cryptocurrency in the Commonwealth; report. Directs the Joint Commission on Technology and Science (JCOTS) to conduct an analysis of blockchain technology and cryptocurrency in the Commonwealth and the creation of a Blockchain and Cryptocurrency Commission. JCOTS shall submit a report of its findings to the Chairmen of the House Committees on Appropriations and Communications, Technology and Innovation and the Senate Committees on Finance and Appropriations and General Laws and Technology no later than December 1, 2024.

Blockchain and Cryptocurrency Commission established; report. Establishes the Blockchain and Cryptocurrency Commission in the legislative branch of state government for the purpose of studying and making recommendations related to blockchain technology and cryptocurrency and fostering the appropriate expansion of blockchain technology and the cryptocurrency industry in the Commonwealth. The bill provides that the Commission shall consist of 15 members and that meetings shall be held at the call of the chairman or whenever a majority of the members so request. The bill clarifies that appointments to the Commission are required to be made within 45 days of the effective date of the bill and that the chairman and vice-chairman of the Commission are required to meet with its members no later than 90 days after the effective date of the bill. Additionally, the bill directs the Commission to submit an executive summary to the Governor and the General Assembly of its findings and recommendations no later than one year after all appointments to the Commission have been made and annually thereafter and to submit such executive summary for processing no later than the first day of the 2026 Regular Session of the General Assembly.

Blockchain and Cryptocurrency Commission established; report. Establishes the Blockchain and Cryptocurrency Commissionin the legislative branch of state government for the purpose of studying and making recommendations related to blockchain technologyand cryptocurrency and fostering the appropriate expansion of blockchaintechnology and the cryptocurrency industry in the Commonwealth. Thebill provides that the Commission shall consist of 15 members andthat meetings shall be held at the call of the chairman or whenevera majority of the members so request. The bill clarifies that appointmentsto the Commission are required to be made within 45 days of the effectivedate of the bill and that the chairman and vice-chairman of theCommission are required to meet with its members no later than 90days after the effective date of the bill. Additionally, the billdirects the Commission to submit an executive summary to the Governorand the General Assembly of its findings and recommendations no laterthan one year after all appointments to the Commission have beenmade and annually thereafter and to submit such executive summaryfor processing no later than the first day of the 2026 Regular Sessionof the General Assembly.