Crypto Law Profile
Virginia SB 439 directs JCOTS to study blockchain and cryptocurrency use, assess risks, economic and energy impacts, and evaluate creation of a Blockchain and Cryptocurrency Commission; RGA lists the required Dec. 1, 2024 report as overdue.
The Virginia Blockchain and Cryptocurrency Commission Study Regime is the CryptoSlate working title for 2024 Virginia Acts of Assembly Chapter 709, enacted from SB 439. The uncodified act directs the Joint Commission on Technology and Science (JCOTS), in consultation with the State Corporation Commission and other relevant stakeholders, to examine the expansion of blockchain technology and cryptocurrency in the Commonwealth and to assess whether Virginia should create a Blockchain and Cryptocurrency Commission.
SB 439 was approved on April 8, 2024 and listed by the Virginia Legislative Information System as effective July 1, 2024. The measure is best understood as a state legislative study mandate, not a licensing statute, market conduct rule, or operative crypto-asset framework. Its required report was due December 1, 2024. As of the latest verification, Virginia’s Reports to the General Assembly page lists the required report as overdue and notes that the requirement also includes the related Chapter 707 mandate covering blockchain technology, digital asset mining, and cryptocurrency.
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.
For CryptoSlate readers, the most important limitation is that Chapter 709 does not itself authorize crypto activities, impose licensing requirements, create a standalone crypto regulator, or establish consumer-facing obligations. Instead, it gives Virginia lawmakers a formal record-building process for evaluating blockchain use, cryptocurrency industry impacts, and potential future oversight structures.
The study mandate still matters because it framed a broad set of topics for future legislation, including public-sector blockchain uses, privacy protection, economic development, state revenue effects, and energy consumption. The law also places the State Corporation Commission in a consultative role, which may be relevant for later discussions involving financial services, securities, utilities, or business regulation in Virginia.
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.
Directs JCOTS to analyze expansion of blockchain technology and cryptocurrency in Virginia with SCC and stakeholder consultation.
Requires examination of risks, including privacy risks, and benefits of blockchain use in state and local government and businesses.
Requires assessment of cryptocurrency industry effects on Virginia, including state revenue and energy consumption impacts.
Requires assessment of creating a Blockchain and Cryptocurrency Commission to develop use and regulatory recommendations.
Directs JCOTS to report findings and recommendations to named House and Senate committees no later than Dec. 1, 2024.
Bill prefiled and referred to the Senate Rules Committee.
Senate passed SB 439 by a 40-0 vote.
House passed the substitute by block vote, 97-0.
Governor approved SB 439 as Acts of Assembly Chapter 709.
LIS lists Chapter 709 as effective July 1, 2024.
JCOTS report due; RGA later lists the document as overdue.
Joint Commission on Technology and Science, Saddam Azlan Salim, State Corporation Commission, Virginia General Assembly
Cryptocurrencies, Digital assets
Final enactment studies the creation of a Blockchain and Cryptocurrency Commission; it does not establish a standing commission. RGA lists the combined Chapter 709/Chapter 707 report requirement as overdue as of last verification.
