On May 2, 2025, Governor Glenn Youngkin announced plans to cut $900 million from Virginia’s budget, responding to projected declines in state tax revenues due to federal spending shifts and growing economic uncertainty. 

These cuts follow over 200 budget amendments introduced by the Governor in March, including an initial $300 million in proposed reductions.

Key Impacts:

  • Funding eliminated for 10 capital projects at Virginia’s higher education institutions—potentially affecting campuses that serve as talent pipelines for the tech sector. 

These changes signal a cautious fiscal approach that may slow state-backed tech and workforce initiatives, underscoring the importance of public-private collaboration during lean budget years.

Historic 2025 Election:

Virginia voters will make critical leadership decisions this fall, electing a new Governor, Lieutenant Governor, Attorney General, and all 100 members of the House of Delegates. 

This year is particularly historic: both major-party gubernatorial candidates are women, ensuring that Virginia will elect its first female governor.

NVTC will host both gubernatorial candidates at its October Board meetings, continuing its role as a convenor of high-level dialogue between policymakers and the technology industry. This election will influence future technology policy, economic development, education investment, and digital infrastructure strategies across the Commonwealth.

🔴 Republican Ticket: 

  • Governor: Winsome Earle-Sears 
  • Lt. Governor: John Reid 
  • Attorney General: Jason Miyares (incumbent) 

🔵 Democratic Ticket: 

  • Governor: Abigail Spanberger 
  • Lt. Governor and Attorney General Candidates (Primary – June 17) 

JCOTS Blockchain Committee Launch 

On May 7, NVTC President & CEO Jennifer Taylor attended the inaugural meeting of the JCOTS Blockchain Subcommittee in Richmond. This newly formed body will help shape Virginia’s policy approach to blockchain, cryptocurrency, and digital asset innovation. 

The committee includes representatives from academia, government, and industry—NVTC being selected as the nonprofit tech trade association representative for the 2025 term.

This initiative reinforces Virginia’s intent to be a leader in tech-forward legislation and a trusted environment for digital asset innovation.

Committee Goals:

  • Provide policy recommendations to the Virginia General Assembly 
  • Study emerging blockchain trends and their legal, economic, and regulatory impacts 
  • Ensure Virginia fosters responsible innovation while protecting consumers and institutions 

First Meeting Highlights:

  • Expert presentations from UVA Darden and UPenn Wharton faculty 
  • Discussion of innovation risks, potential use cases, and regulatory considerations