Virginia Senate Committee Recommends Annual Funding for New AI and Crypto Commissions
A Virginia Senate Committee has put forward a recommendation for an annual combined fund allocation of $39,240 to support two recently established commissions focused on artificial intelligence (AI) and cryptocurrency.
The proposal, presented by a Subcommittee of Virginia’s Senate Finance and Appropriations Committee on February 18, allocated 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 amounts 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.
The commission’s primary responsibility is to study blockchain technology and cryptocurrencies, provide recommendations, and foster their growth within the state.
The commission will consist of 15 members, including seven legislative and eight nonlegislative members, who will be appointed within 45 days of the act’s effective date.
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’s objective is to develop and maintain policies that regulate the use of AI to prevent unlawful activities and ensure ethical implementation.
The legislation to amend the Code of Virginia and establish the Blockchain and Cryptocurrency Commission was introduced on January 9 and received unanimous approval from the Senate on February 1.
Virginia has been proactive in creating legislative bodies dedicated to fostering the growth of the crypto and AI
