Utah formalizes the creation of a unit around the blockchain, an initiative which comes after the announced reinforcement of the Cyber Unit of the SEC.
After nearly three years of discussion on the subject, the governor of Utah, Spencer Cox, has finally just signed a law for the creation of an operational unit which will supervise the initiatives around the blockchain and cryptocurrencies. This unit is called Blockchain and Digital Innovation Task Force.
Utah formalizes the creation of a unit around the blockchain
The first introduction to this text (HB 335) dated from February 2022. It therefore took two months of study, readings and rereadings in the various state institutions before it was signed by Governor Cox on March 24. .
Among its main missions, this unit will “develop and introduce recommendations concerning the promotion in the State of the adoption of blockchain, financial technologies and digital innovation.” According to this decree, the unit will be made up of 20 people with very varied profiles in blockchain technologies, crypto-currencies and finance technologies. Up to five members will be appointed by the President of the Senate, up to five more by the Speaker of the House of Representatives and up to five more by the Governor. In addition, this law requires that the Division of Finance of Utah provide human assistance to this unit. This task force is to report annually by November 30 to two Utah Senate committees, namely the Business and Labor Interim Committee and the Legislative Management Committee.
An initiative that comes after the announced reinforcement of the Cyber Unit of the SEC
This measure comes even though the Securities and Exchange Commission (SEC) has announced plans to double staff responsible for overseeing and protecting investors in the crypto markets. This Cyber Unit, which includes the team Crypto Assets and Cyberwill hire 20 new heads for 50 dedicated positions, including lawyers and analysts specializing in fraud.
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