Following a three-year-long debate regarding the formation of a task force that would oversee crypto as well as blockchain-based initiatives, Spencer Cox (Utah’s governor) inked a bill to establish the Blockchain and Digital Innovation Task Force. Firstly, at the beginning of this February, the bill went through many senates and fiscal actions for two months in advance of ultimately being approved on the behalf of Governor Cox on 24th March.
A few of the chief functions specified for the task force take into account the establishment of policy recommendations dealing with blockchain as well as other such technologies. A portion of the respective bill notes that the recommendations would be made and introduced by the task force to bring advancement into blockchain adoption, digital innovation, as well as financial technology. As per the bill, the Utah-based task force will include 20 participants having expertise in financial technologies, crypto, as well as blockchain technology.
Within the respective group, five participants would be detained on the behalf of the Senate president, nearly five participants on the behalf of the House of Representatives speaker, and the governor would be responsible for appointing five members, among the rest of them. Apart from this, the bill additionally obliges the Utah Division of Finance to offer staff support to the respective task force. The policy recommendations additionally involve the establishment of financial incentives to be provided to industries across the state in terms of digital innovation, financial technology, and blockchain.
After the establishment of the task force, it would be ordered to report on an annual basis on or in advance of 30th November to the Utah State Senate’s couple of committees – the Legislative Management Committee and the Business and Labor Interim Committee. As the federal and state-based watchdogs are discovering the minimum disruptive span of crypto adoption, the SEC (Securities and Exchange Commission) of the United States declared strategies to enhance the number of individuals specified for securing the crypto investors.
It was reported earlier that the Cyber Unit of the SEC, which takes into account the Crypto Assets and Cyber group, will appoint 20 more personnel for up to 50 devoted positions in which fraud analysts, trial lawyers, and investigative staff attorneys are included, would be appointed. Gary Gensler, the Chairperson of the SEC, appreciated the move while pointing toward the victory of the Cyber Unit as it minimized the fraudulent operations throughout the crypto world.
