Utah is formalizing the creation of a division around blockchain, an initiative that came after the announced strengthening of the SEC Cyber Division.
After nearly three years of debating the issue, Utah Governor Spencer Cox has finally signed into law the creation of an operating unit that will oversee blockchain and crypto-related initiatives. This unit is called the Blockchain and Digital Innovation Task Force.
Utah formalizes the creation of a division around the blockchain
The first introduction to this text (HB 335) is dated February 2022. Therefore, it took two months of study, reading, and rereading in various government offices before it was signed by Governor Cox on March 24.
Among its main tasks, this unit will “develop and implement recommendations regarding the promotion of blockchain, financial technologies and digital innovations in the state.” According to this ruling, the unit will consist of 20 people with very different profiles in blockchain technologies, cryptocurrencies and financial 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 the Utah Department of Finance to provide human assistance to this unit. This task force must report annually by November 30 to two committees of the Utah Senate, namely the Provisional Committee on Business and Labor and the Legislative Committee on Management.
An initiative following the announced reinforcement of the SEC’s cyber division.
The move comes after the Securities and Exchange Commission (SEC) announced plans to double the number of employees responsible for overseeing and protecting investors in the cryptocurrency markets. This cyber division, which includes a team of Crypto Assets and Cyber, will hire 20 new executives for 50 specialized positions, including fraud lawyers and analysts.