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The governor of Utah, Spencer Cox, signed a bill to create the Blockchain and Digital Innovation Task Force after nearly three years of discussion about forming a task force to supervise blockchain and crypto efforts.
The house bill (H.B. 335) was introduced in the Utah State Legislature in early February 2022, and it took over two months to pass through many senate, house, and fiscal measures before being approved by Governor Cox on March 24th.
Making policy recommendations pertaining to blockchain and similar technologies is one of the task force's key responsibilities. The bill states in part:
"[The task force] will create and present policy recommendations relevant to the promotion of blockchain, financial technology, and digital innovation in the state."
According to the bill, the task force in Utah will be made up of up to 20 people with a variety of blockchain, cryptocurrency, and financial technology skills. The president of the Senate will nominate up to five members, the speaker of the House of Representatives will appoint up to five members, and the governor will appoint up to five members.
The task team must also be supported by the Utah Division of Finance, according to the measure. Non-financial incentives for industries in the state relating to blockchain, financial technology, and digital innovation are also included in the policy recommendations.
The task force is mandated to report to two committees of the Utah State Senate, the Business and Labor Interim Committee and the Legislative Management Committee, on or before November 30 each year.
The United States Securities and Exchange Commission (SEC) announced intentions to quadruple the number of staff responsible for safeguarding investors in cryptocurrency marketplaces as state and federal regulators investigate the least disruptive extent of crypto adoption.
The SEC's Cyber Unit, which includes the Crypto Assets and Cyber team, will hire 20 new workers for 50 dedicated roles, including investigative staff attorneys, trial lawyers, and fraud analysts, as reported by Cointelegraph.
SEC Chairperson Gary Gensler praised the action, pointing to the Cyber Unit's achievements in combating fraudulent operations in the crypto industry, saying:
"By nearly tripling the size of this crucial unit, the SEC will be better able to police misconduct in the crypto markets while continuing to uncover transparency and controls vulnerabilities in terms of cybersecurity," the SEC said.
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