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Governor Cox Approves Task Force for Blockchain and Digital Innovation

Finally, after almost three years of discussion, Spencer Cox, the Governor of Utah, approves a bill instituting a task force for Blockchain and Digital Innovation to watch over and monitor blockchain and crypto initiatives and activities.

The task team are saddled with many responsibilities, some of their elementary duties include recommending policies regarding blockchain and all other related technologies.

Earlier this year, specifically in February, the legislative arm of Utah state witnessed the introduction of the House bill (H.B. 335). For it to pass through several factions of the house, senate and fiscal actions, it took almost two months before getting signed eventually on Thursday, 24th of March, 2022 by Governor Cox.

Duties of the Task Force

Describing one of the activities of the task force, a portion of the Bill states that; “[The task force shall] develop and introduce recommendations regarding policy about the promotion in the state of the adoption of blockchain, financial technology and digital innovation.”

As part of what is stated in the Bill, this task force in Utah will be made up of up to twenty members with different expertise regarding cryptocurrency, blockchain and other financial technologies. The selection of members for this task force will be carried out by the governor, and the leadership of the Senate and House of Representatives.

The Utah Division of Finance is also required by the bill to support the task force by providing staff. To facilitate the effectiveness of the bill, there is a policy recommendation to provide incentives for technological companies in the state.  The task force will submit annual reports to the two relevant committees in the state Senate.

While exploring the least possible disruptive scope of crypto adoption by State and federal regulators, an announcement was made by the United States Securities and Exchange Commission (SEC) to increase the number of personnel in charge of securing investors in cryptocurrency markets to double its size.

As reported by Cointelegraph, the cyber unit of SEC, Crypto Assets and Cyber team inclusive, will make hirings of twenty new people for fifty positions, which include fraud analysts, staff attorneys and trial lawyers.

Gary Gensler, chairperson for SEC welcomed the initiative as he stated the achievement of the cyber unit in disrupting activities related to trading. cryptocurrency.