2023 Utah Code › Title 36 - Legislature › Chapter 29 - Task Forces Created by the Legislature › Part 1 - Legislative Task Forces › Section 110 - Blockchain and Digital Innovation Task Force.

Affected by 63I-2-236 on 11/30/2024
Effective 5/4/2022
36-29-110.
Blockchain and Digital Innovation Task Force.
(1) As used in this section, "task force" means the Blockchain and Digital Innovation Task Force created in this section.
(2) There is created the Blockchain and Digital Innovation Task Force consisting of the following members:
(a) the president of the Senate shall appoint:
(i) one member of the Senate;
(ii) two members who have experience in:
(A) blockchain;
(B) cryptocurrency;
(C) financial technology; or
(D) digital innovation technology; and
(iii) up to two additional members;
(b) the speaker of the House of Representatives shall appoint:
(i) one member of the House of Representatives;
(ii) two members who have experience in:
(A) blockchain;
(B) cryptocurrency;
(C) financial technology; or
(D) digital innovation technology; and
(iii) up to two additional members;
(c) the state treasurer, or the state treasurer's designee;
(d) the attorney general, or the attorney general's designee; and
(e) the governor shall appoint:
(i) two members with experience in:
(A) blockchain;
(B) cryptocurrency;
(C) financial technology; or
(D) digital innovation technology; and
(ii) up to three additional members.
(3)
(a) The member described in Subsection (2)(a)(i) shall serve as cochair of the task force.
(b) The member described in Subsection (2)(b)(i) shall serve as cochair of the task force.
(4)
(a) If a vacancy occurs in the membership of the task force described in Subsection (2)(a), (b), or (e), the member shall be replaced in the same manner in which the original appointment was made.
(b) A member appointed under Subsections (2)(c) through (e) shall serve until the member's successor is appointed and qualified.
(5)
(a) A majority of the members of the task force constitutes a quorum.
(b) The action of a majority of a quorum constitutes an action of the task force.
(6)
(a) Salaries and expenses of the members of the task force who are legislators shall be paid in accordance with:
(i) Section 36-2-2;
(ii) Legislative Joint Rules, Title 5, Chapter 2, Lodging, Meal, and Transportation Expenses; and
(iii) Legislative Joint Rules, Title 5, Chapter 3, Legislator Compensation.
(b) A member of the task force who is not a legislator may not receive compensation for the member's work associated with the task force but may receive per diem and reimbursement for travel expenses incurred as a member of the task force at the rates established by the Division of Finance under:
(i) Sections 63A-3-106 and 63A-3-107; and
(ii) rules made by the Division of Finance in accordance with Sections 63A-3-106 and 63A-3-107.
(7)
(a) With good cause, a quorum of the task force may vote to remove a member of the task force described in Subsection (2)(a), (b), or (e).
(b) A member removed under Subsection (7)(a) shall be replaced in accordance with the process for vacancies described in Subsection (4).
(8) The Division of Finance shall provide staff support to the task force.
(9) The task force shall:
(a) develop knowledge and expertise among task force members regarding issues pertaining to blockchain, financial technology, and digital innovation technology; and
(b) develop and introduce recommendations regarding policy pertaining to:
(i) the promotion in the state of the adoption of blockchain, financial technology, and digital innovation;
(ii) the development of nonfinancial incentives for industries in the state related to blockchain, financial technology, and digital innovation;
(iii) the promotion of partnerships with existing financial institutions and regulated financial service entities with respect to blockchain, financial technology, and digital innovation; and
(iv) the regulation in the state of blockchain, financial technology, and digital innovation.
(10) The task force shall report annually on or before November 30 to:
(a) the Business and Labor Interim Committee; and
(b) the Legislative Management Committee.
Enacted by Chapter 363, 2022 General Session
Technically renumbered to avoid duplication of enacted Section also enacted in SB 214, Chapter 458 and SB 150, Chapter 437.