The American state of Utah is set to establish the Blockchain and Digital Innovation Task Force to recommend policy actions to the government on blockchain and related technologies. The task force, as per the bill, will develop and introduce recommendations regarding policy pertaining to the promotion in Utah of the adoption of blockchain, financial technology, and digital innovation.
The approval of the bill comes after nearly three years of talks about creating a task force. Utah Governor Spencer Cox, signed the bill, after several deliberations and discussions in the Utah State Legislature. The task force will be made up of 20 members with experience in financial technologies, blockchain technology, and cryptocurrency. The governor, House speaker, and the president of the senate have been tasked with appointing a maximum of five members, with support from the Utah Division of Finance.
The task force will submit its report by November 30, each year, to the Legislative Management Committee and the Business and Labor Interim Committee of the Utah Senate. However, a date has been set for the establishment of the task force.
With the bill, Utah is now on the list of the American states taking a proactive stance on crypto-like New York. California is also working on a similar bill for a comprehensive legal framework for crypto. The growing interest is attributed to the US Securities and Exchange Commission, which is hiring 20 people for its Cyber Unit.