The Virginia state senator, Glen Sturtevant, has put forward a piece of legislation which, if approved, would lead to the production of an impact report regarding cryptocurrencies. The study would aim to assess the impact that cryptocurrencies are having on citizens of the state. Public records indicate that the legislation is currently due to be assessed by the Senate\'s Rules Committee.

Senator Sturtevant argues that the bill would be the first step in establishing a new system and regulations. These would, he says, help to protect people living in Virginia from any of the potentially negative impacts that investing in cryptocurrencies can have, such as fraud and money laundering.

However, it is not yet clear which types of regulations or laws the Senate may invoke in an effort to gain control over cryptocurrency markets in the country. If Sturtevant\'s bill is passed, it would be the Virginia State Corporation Commission who would ultimately be responsible for overseeing financial services and transactions.

Bitcoin and other alt-coins have proved popular among local government officials. Members of the city council in Virginia Beach have made moves to grant funding to a cryptocurrency mine as an attempt to kickstart job growth in the locality.