A yearly combined fund allocation of $39,240 has been recommended by a Virginia senate committee for two newly formed commissions on artificial intelligence (AI) and cryptocurrency. The proposal, made on February 18 by the Subcommittee on General Government of the Senate Finance and Appropriations Committee, allocated over $23.6 million for various legislative departments. The Blockchain and Cryptocurrency Commission, established in January 2024, received a proposed general fund of $17,192 for 2025 and 2026. The Artificial Intelligence Commission, currently known as the Committee on Communications, Technology and Innovation, was allotted $22,048 for the same period. The Blockchain and Cryptocurrency Commission aims to study and make recommendations for blockchain technology and crypto, as well as promote expansion within the state. The Artificial Intelligence Commission, on the other hand, aims to develop policies to limit the use of AI for unlawful activities. The bill to establish the blockchain and crypto commission was introduced on January 9 and unanimously passed by the Senate on February 1. In addition to these commissions, Virginia has also introduced crypto mining legislation to support individuals and businesses. Senator Saddam Azlan Salim proposed Senate Bill No. 339, which aims to exempt miners from obtaining money transmitter licenses and prohibits mining-specific ordinances in industrial zones. The legislation also provides tax benefits for individuals who use digital assets for transactions.
Virginia plans to allocate an annual fund of $39K for commissions on crypto and AI.