A Virginia Senate committee has recommended an annual funding allocation of $39,240 to support two recently established commissions focusing on artificial intelligence (AI) and cryptocurrency.
The proposal, presented by a Subcommittee of Virginia’s Senate Finance and Appropriations Committee on February 18, included allocations of over $23.6 million to various legislative departments.
Among these allocations, the Blockchain and Cryptocurrency Commission (SB 439) and the Artificial Intelligence Commission (SB 487) received proposed funding for the years 2025 and 2026.
The Blockchain and Cryptocurrency Commission, formed in January 2024, is set to receive a general fund allocation of $17,192 over the specified two-year period. Its primary responsibility is to study blockchain technology and cryptocurrencies, provide recommendations, and foster their growth within the state.
Similarly, the Artificial Intelligence Commission, currently under review by the Committee on Communications, Technology, and Innovation, has recommended funding of $22,048 for the same duration. The commission aims to develop and maintain policies regulating the use of AI to prevent unlawful activities and ensure ethical implementation.
The legislative efforts in Virginia extend beyond the establishment of commissions. The state recently introduced crypto-mining legislation aimed at providing favorable conditions for individuals and businesses involved in mining activities.
Senate Bill No. 339, proposed by Senator Saddam Azlan Salim, seeks to exempt miners from obtaining money transmitter licenses and prohibits mining-specific ordinances in industrial zones. The bill also proposes tax benefits for using digital assets in everyday transactions.
Additionally, police officers and other state employees in Virginia’s Fairfax County may benefit from a new $40 million crypto venture fund by digital asset management firm Morgan Creek Digital. The fund, backed by two separate pension funds managing $1.2 billion in assets for the state’s police force and other employees, has already invested in startups including Bakkt and Coinbase.
These legislative initiatives reflect Virginia’s proactive approach to fostering growth and innovation in the crypto and AI sectors.