This month, Spencer Cox, the governor of Utah, signed a bill creating the Blockchain and Digital Innovation Task Force, which will regulate all blockchain initiatives related to the emerging technology in the state and formulate policy recommendations on blockchain.
First introduced in February, the task force will be comprised of up to 20 members knowledgeable about cryptocurrency, fintech, and blockchain technology.
The task force is asked to grow knowledge and expertise about blockchain and devise policy recommendations to promote and adopt blockchain, fintech, and other digital innovations.
Utah has at least three crypto and blockchain technology bills that passed the state legislature, including House Bill 456, which allows the Beehive State to accept cryptocurrency payments.
"We looked at, 'Is there a way that the state could help signal that this is state that we are welcoming to virtual currency and able to accept it?'” Utah State Representative Jordan Tuescher told local media. "That bill allows for the Department of Finance to contract out with the company that would allow the state and other municipalities and counties and municipalities to accept virtual currency and ensures that any liability for that lies within the person who is paying. So the state doesn’t have any sort of risk in it."
Each year, the task force will report to the Senate's Business and Labor Interim Committee and the Legislative Management Committee by November 30.
The move also comes on the heels of the Securities and Exchange Committee recently beefing up its staff to fight crypto crime and fraud in the newly-announced Crypto Assets and Cyber Unit. Twenty new hires will solely focus on the burgeoning threat of crypto crime.