Utah governor Spencer Cox reportedly put his signature to a bill finalizing the formation of a task force for blockchain and crypto oversight, following a debate lasting for almost three years. 

Specifically, the Utah State Legislature reportedly witnessed the roll-out of the house bill (H.B. 335) early this year, which required around two months to go through the approval process of numerous senates, house, and fiscal actions, prior to receiving the final signature from Governor Cox on March 24.

A few of the main assignments of the freshly formed task force – dubbed “the Blockchain and Digital Innovation Task Force” – reportedly include coming up with policy suggestions associated with blockchain and related technologies.

“[The task force shall] develop and introduce recommendations regarding policy pertaining to the promotion in the state of the adoption of blockchain, financial technology, and digital innovation.”

Per the bill, the task force in Utah will reportedly be made up of a maximum of 20 members with vast knowledge in blockchain, crypto, and financial technologies.

Out of the lot, a maximum of five members will receive the appointment decision by the president of the Senate, up to five members by the speaker of the House of Representatives, and up to five members by the governor, among others.

Furthermore, the legislation aims to make it mandatory for the Utah Division of Finance to offer human resources assistance to the task force. 

The policy recommendations also include the development of non-financial incentives for sectors in the state associated with blockchain, financial technology, and digital innovation.

Upon establishment, the task force is required to report annually on or before November 30 to two committees of the Utah State Senate — the Business and Labor Interim Committee and the Legislative Management Committee.