Virginia Lawmaker Calls for Crypto Impact Study

A state senator in the U.S. state of Virginia has filed new legislation that would mandate an impact study on cryptocurrencies.

A new bill

introduced by Glen Sturtevant would launch a study, which, if approved, would seek to assess how the growth of cryptocurrencies and their use impacts everyday Virginians. The bill has been sent to the State Senate's Rules Committee for assessment, public records show.

At its heart, the measure queries whether lawmakers "should establish a system to protect the citizens of the Commonwealth from any existing or potential adverse effects from engaging in transactions involving cryptocurrencies." The study, according to Sturtevant's bill, would be the first step toward creating such a system.

As the bill's text explains:

“...if it determines that the establishment of such a system is appropriate, [the Commission will] identify legislation or regulations that would establish the system. The State Corporation Commission shall complete its study and shall report its findings to the members of the General Assembly by December 1, 2018."

It's not entirely clear which rules or regulations Virginia might turn to should the study call for tighter controls. The State Corporation Commission is the body in Virginia responsible for approving and overseeing state-based money transmission businesses, indicating that it could ultimately move to modify or strengthen its statutes in that area.

Indeed, the technology has found fans on the local government side in Virginia. As reported last week, local officials in the city of Virginia Beach have granted funds to a bitcoin mine as part of an effort to spur job growth.

Virginia sign image via Shutterstock