Representative Jordan D. Teuscher proposes the following substitute bill:


1     
BLOCKCHAIN AND DIGITAL INNOVATION TASK FORCE

2     
2022 GENERAL SESSION

3     
STATE OF UTAH

4     
Chief Sponsor: Jordan D. Teuscher

5     
Senate Sponsor: Kirk A. Cullimore

6     

7     LONG TITLE
8     General Description:
9          This bill creates the Blockchain and Digital Innovation Task Force.
10     Highlighted Provisions:
11          This bill:
12          ▸     creates the Blockchain and Digital Innovation Task Force (the task force);
13          ▸     directs the appointment of members to the task force;
14          ▸     directs the task force to:
15               •     develop knowledge and expertise about blockchain and related technologies;
16     and
17               •     make policy recommendations related to blockchain and related technologies;
18          ▸     requires the task force to report annually to the Business and Labor Interim
19     Committee and the Legislative Management Committee; and
20          ▸     sets a repeal date for the task force.
21     Money Appropriated in this Bill:
22          None
23     Other Special Clauses:
24          None
25     Utah Code Sections Affected:

26     AMENDS:
27          63I-2-236, as last amended by Laws of Utah 2021, Second Special Session, Chapter 8
28     ENACTS:
29          36-29-109, Utah Code Annotated 1953
30     

31     Be it enacted by the Legislature of the state of Utah:
32          Section 1. Section 36-29-109 is enacted to read:
33          36-29-109. Blockchain and Digital Innovation Task Force.
34          (1) As used in this section, "task force" means the Blockchain and Digital Innovation
35     Task Force created in this section.
36          (2) There is created the Blockchain and Digital Innovation Task force consisting of the
37     following members:
38          (a) the president of the Senate shall appoint:
39          (i) one member of the Senate;
40          (ii) two members who have experience in:
41          (A) blockchain;
42          (B) cryptocurrency;
43          (C) financial technology; or
44          (D) digital innovation technology; and
45          (iii) up to two additional members;
46          (b) the speaker of the House of Representatives shall appoint:
47          (i) one member of the House of Representatives;
48          (ii) two members who have experience in:
49          (A) blockchain;
50          (B) cryptocurrency;
51          (C) financial technology; or
52          (D) digital innovation technology; and
53          (iii) up to two additional members;
54          (c) the state treasurer, or the state treasurer's designee;
55          (d) the attorney general, or the attorney general's designee; and
56          (e) the governor shall appoint:

57          (i) two members with experience in:
58          (A) blockchain;
59          (B) cryptocurrency;
60          (C) financial technology; or
61          (D) digital innovation technology; and
62          (ii) up to three additional members.
63          (3) (a) The member described in Subsection (2)(a)(i) shall serve as cochair of the task
64     force.
65          (b) The member described in Subsection (2)(b)(i) shall serve as cochair of the task
66     force.
67          (4) (a) If a vacancy occurs in the membership of the commission described in
68     Subsection (2)(a), (2)(b), or (2)(e), the member shall be replaced in the same manner in which
69     the original appointment was made.
70          (b) A member appointed under Subsections (2)(c) through (2)(e) shall serve until the
71     member's successor is appointed and qualified.
72          (5) (a) A majority of the members of the task force constitutes a quorum.
73          (b) The action of a majority of a quorum constitutes an action of the task force.
74          (6) (a) Salaries and expenses of the members of the task force who are legislators shall
75     be paid in accordance with:
76          (i) Section 36-2-2;
77          (ii) Legislative Joint Rules, Title 5, Chapter 2, Lodging, Meal, and Transportation
78     Expenses; and
79          (iii) Legislative Joint Rules, Title 5, Chapter 3, Legislator Compensation.
80          (b) A member of the task force who is not a legislator may not receive compensation
81     for the member's work associated with the task force but may receive per diem and
82     reimbursement for travel expenses incurred as a member of the task force at the rates
83     established by the Division of Finance under:
84          (i) Sections 63A-3-106 and 63A-3-107; and
85          (ii) rules made by the Division of Finance in accordance with Sections 63A-3-106 and
86     63A-3-107.
87          (7) (a) With good cause, a quorum of the task force may vote to remove a member of

88     the task force described in Subsection (2)(a), (b), or (e).
89          (b) A member removed under Subsection (7)(a) shall be replaced in accordance with
90     the process for vacancies described in Subsection (4).
91          (8) The Division of Finance shall provide staff support to the task force.
92          (9) The task force shall:
93          (a) develop knowledge and expertise among task force members regarding issues
94     pertaining to blockchain, financial technology, and digital innovation technology; and
95          (b) develop and introduce recommendations regarding policy pertaining to:
96          (i) the promotion in the state of the adoption of blockchain, financial technology, and
97     digital innovation;
98          (ii) the development of nonfinancial incentives for industries in the state related to
99     blockchain, financial technology, and digital innovation;
100          (iii) the promotion of partnerships with existing financial institutions and regulated
101     financial service entities with respect to blockchain, financial technology, and digital
102     innovation; and
103          (iv) the regulation in the state of blockchain, financial technology, and digital
104     innovation.
105          (10) The task force shall report annually on or before November 30 to:
106          (a) the Business and Labor Interim Committee; and
107          (b) the Legislative Management Committee.
108          Section 2. Section 63I-2-236 is amended to read:
109          63I-2-236. Repeal dates -- Title 36.
110          (1) Section 36-29-107.5 is repealed on November 30, 2023.
111          (2) Section 36-29-109 is repealed on November 30, 2024.
112          [(2)] (3) The following sections regarding the State Flag Task Force are repealed on
113     January 1, 2024:
114          (a) Section 36-29-201;
115          (b) Section 36-29-202; and
116          (c) Section 36-29-203.