USA govt is struggling to keep a tap on the crypto currency. They tried their best to bring obstacles to the ETF and now they are divided on the crypto's potential for the income and the pensions. Different states are coming up with variety of the updates on their choice of the crypto and the adoption of the digital assets.
State of Virginia has the senators and the citizens who are open for the crypto and the digital asset. So they are coming up with the variety of new laws and the bills that would make it easier for the users to work with crypto. Despite the fact that IRS and SEC has not come up with the laws for the crypto and assets.
Let's talk about the upcoming cryptocurrency rights bill and the pension funds being implemented in State of Virginia.
Virginia Senate Bill : SB 339
Virginia has issued a bill and they are taking the consultation on how the crypto should be taxed. And how many of the crypto transactions should be exempt from the crypto taxes. This is done on the top of the federal taxes on the nation level. So they are coming up with the bill with the 200 USD as a transaction limits. And they are being applied for the digital assets and the mining.
So the new bill labled as SB339. You can find the document here. And the document can be checked in the pdf format here. This is yet to be passed and turned into a bill. I am sure the 200 USD limit is too low and they would be pushing this to same limit as the federal limit for the taxation. So we are going to see an update on the same.
Yield Farming for Pension Fund
Pension fund is kind of complicated stuff. Here people keep their funds for their old age and they expect the fund to be matured without any issues. And money should be transparent and also govt should not meddle in the same. So pension funds and the pension related investment component should be on the blockchain. And very few people know about this that funds are using blockchains now.
State of Virginia is currently working on a model where the yield farming from the crypto should be used for the internet management ROI component of the pension fund. And they are also working on a model that would be the update that would happen once the regulation kicks in. You can check out the reference here.
Crypto Custody Service in Virginia
There is also another update from the state of virginia. They are being open towards the crypto custody service that would be offered to the citizens under a certain bill. And that mens there is open chance for the govt being backed for the digital assets which would soon be getting the regulation on the federal level.
You can check out the bill here. This bill would allow the banks to provide the crypto custody services. And this service would also include the consumer and the business crypto custody. You can expect the crypto to mostly cover the digital assets that would be based on the physical assets too.
State of Virginia has been making the progress through the adoption of the crypto. They also have the virginia blockchain council that has helped them to bring more exposure for the crypto and the blockchain.