Virginia Blockchain and Cryptocurrency Commission Study Regime

Chapter 709 gives JCOTS the lead role in collecting information and developing recommendations for lawmakers. The law focuses on policy analysis rather than direct regulation of exchanges, token issuers, miners, custodians, or consumers.

• JCOTS-led analysis. JCOTS must analyze the expansion of blockchain technology and cryptocurrency in Virginia, while consulting with the State Corporation Commission and other relevant stakeholders.
• Privacy and public-sector use. The analysis must examine risks, including privacy risks, and benefits of using blockchain technology in state and local government and in Virginia businesses.
• Economic and energy impacts. JCOTS must assess the impact of the cryptocurrency industry on the Commonwealth, including effects on state revenues and energy consumption.
• Commission feasibility. The analysis must assess creating a Blockchain and Cryptocurrency Commission that could develop recommendations on use and regulation of blockchain technology and cryptocurrency.
• Legislative reporting. JCOTS was directed to report findings and recommendations to named House and Senate committees by December 1, 2024.

SB 439 was introduced by Senator Saddam Azlan Salim, a Democratic member representing Senate District 37. The bill passed the Senate 40-0 on February 1, 2024, passed the House with a substitute 97-0 on March 4, 2024, and the Senate agreed to the House substitute 40-0 on March 5, 2024. The Governor approved the bill as Chapter 709 on April 8, 2024, with an effective date of July 1, 2024.

Virginia’s official study records show a JCOTS Blockchain Advisory Committee page marked inactive, with listed meetings from September 2024 through November 2025. That study record should not be confused with the separate Blockchain and Cryptocurrency Commission described in SB 439’s study question. As enacted, Chapter 709 required analysis of whether to create that commission; it did not codify a permanent Blockchain and Cryptocurrency Commission.

Chapter 709 sits alongside Chapter 707, another 2024 Virginia enactment directing JCOTS to analyze blockchain technology, digital asset mining, and cryptocurrency. The Reports to the General Assembly overdue entry combines the reporting requirements of both chapters, making Chapter 707 a useful related-law candidate for editors when building internal links. This profile is informational only and should not be read as legal, tax, investment, or compliance advice.