Virginia proposes $39K yearly fund for crypto and AI commissions

The Subcommittee on General Government of the Senate Finance and Appropriations Committee in Virginia has recommended an annual fund allocation of $39,240 for two newly established commissions on artificial intelligence (AI) and cryptocurrency.

Allocated Funds Breakdown:

Out of a total proposed fund allocation of over $23.6 million for various legislative departments, the Blockchain and Cryptocurrency Commission is slated to receive $17,192 for the years 2025 and 2026, while the Artificial Intelligence Commission, formerly known as the Committee on Communications, Technology, and Innovation, is allocated $22,048 for the same period.

The Blockchain and Cryptocurrency Commission’s mandate includes studying blockchain technology and cryptocurrency and making recommendations to foster their growth within the state. The commission will consist of 15 members, including both legislative and non-legislative representatives.

The bill to establish the blockchain and crypto commission was introduced on Jan. 9 and unanimously passed by the Senate on Feb. 1. The Artificial Intelligence Commission aims to develop policies to regulate AI usage and prevent unlawful activities.

Crypto Mining Legislation:

Virginia recently introduced Senate Bill No. 339, proposed by Senator Saddam Azlan Salim, which exempts miners from obtaining money transmitter licenses and prohibits mining-specific ordinances in industrial zones.

The legislation proposes tax benefits, allowing individuals to exclude up to $200 per transaction from their net capital gains for purchases made using digital assets. This incentivizes the use of cryptocurrencies for everyday transactions.