California has a long history of supporting innovation and technological progress, and its government is no exception. On Wednesday, May 4, Governor Gavin Newsom issued an executive order to focus on the emerging world of cryptocurrencies.
This new order lays out a comprehensive roadmap for regulatory and consumer protection measures, as well as outlining ways that the state can take advantage of cutting-edge blockchain technologies and digital assets.
By providing a clear framework for overseeing these emerging technologies, the governor hopes to ensure that California continues to be at the forefront of innovation.
“Of the 800 blockchain businesses in North America, about a quarter of them are in California, dramatically more than any other state,” Dee Dee Myers, senior advisor to Newsom, told CNBC. “We’ve heard from so many that they want to be here, and we want to help them do that responsibly.”
Newsom’s new order aims to facilitate the adoption of cryptocurrencies within the state by creating a “transparent and consistent business environment for companies operating in blockchain, including crypto assets and related financial technologies.”
Specifically, it addresses factors like “risks to consumers” that could be preventing businesses and individuals from fully embracing this emerging technology. It also encourages collaboration between public and private entities in order to explore areas where blockchain could be useful, such as “equity, inclusivity, and environmental protection.”
Myers also said that when it comes to digital assets the “opportunities are almost endless,” suggesting that if implemented, California’s Crypto Executive Order “can do things like remove middlemen from transactions involving real estate or even automobiles…protect people’s identity and provide benefits to people through government services.”
The director of the Governor’s Office of Business and Economic Development added that state agencies plan to hold several consultation rounds with industry leaders, consumer advocates and even critics in California and will soon submit their findings and recommend the next steps.
Newsom’s executive order is expected to align with the Biden administration’s proposal in March to examine the risks and benefits within the digital asset sector.
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