Virginia has proposed a $39K annual fund for crypto and AI commissions.
A Virginia Senate committee has proposed an annual combined fund allocation of $39,240 for two newly created artificial intelligence (AI) and cryptocurrency commissions.
A Feb. 18 proposal from the Senate Finance and Appropriations Committee's General Government Subcommittee allocates more than $23.6 million to various legal departments. Of that total, the Blockchain and Cryptocurrency Commission, established in January 2024, received a total of $17,192 in funding for 2025 and 2026.
The Commission on Artificial Intelligence, now called the Committee on Communications, Technology and Innovation, was allocated $22,048 for the same period.
The Blockchain and Cryptocurrency Commission is tasked with studying and making recommendations on blockchain technology and crypto and promoting its expansion in the state. It will consist of 15 members, including seven legislative members and eight non-legislative members, who will be appointed “not later than 45 days after the enactment of this Act.”
Similarly, the Commission on Artificial Intelligence aims to develop and maintain policies that limit the use of AI in order to eventually avoid illegal activities.
The bill was introduced on January 9 to amend the Code of Virginia and establish the blockchain and crypto commission. The Senate unanimously approved it on February 1.
Related: US Virginia bill calls for task force to study crypto, blockchain
In addition to establishing new legislative commissions around the crypto and AI ecosystems, Virginia recently introduced a crypto mining law that supports individuals and businesses.
Senator Saddam Azlan Salim introduced Senate Bill 339 on January 9, which aims to exempt miners from obtaining a money transfer license. The bill prohibits industrial zones from enacting special laws related to mining:
“Under this chapter, no license is required for any person engaged in domestic digital asset 37 mining, digital asset mining, or digital asset mining businesses, as those terms are defined in § 38 15.2-2288.9.”
While companies that provide mining or stock services cannot be classified as “financial investments” under the bill, they must file a notification to qualify for the exemption.
The law proposes that individuals can exclude up to $200 of net capital for tax purposes per transaction. This exclusion applies to the use of digital assets to purchase goods or services. As a result, the bill promotes the use of cryptocurrencies for everyday transactions through tax benefits.
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