- Governor Gavin Newsom issues executive order on blockchain aligns with the Biden administration proposal in March.
- The governor is calling on the state of California to look into using the technology in state operations.
- California aims to create a transparent and consistent business environment for companies operating in Web3.
Over the course of a decade, tech investors and businesses in California have bet on the future of digital currency. Just recently, the governor of the State with the largest economy is now a part of the movement.
On Wednesday, the Governor of California, Gavin Newsom issued an executive order on cryptocurrencies, laying out a road map for regulatory and consumer protections and examining ways the state can take advantage of the technology.
This comes as the Senate of the State of Virginia passes House Bill 263, allowing state banks to participate in the services of cryptocurrencies.
Senior advisor to Newson, Dee Dee Myers, tells CNBC:
Of the 800 blockchain businesses in North America, about a quarter of them are in California, dramatically more than any other state. We’ve heard from so many that they want to be here, and we want to help them do that responsibly.
The goal of the order is to create a transparent and consistent business environment for companies that are operating in Web3 technologies. New regulatory frameworks for companies that operate in California will also be helped by this.
Agencies within the Newson administration are required to submit their findings and recommend next steps.
According to the order, it will “reflect consultation with relevant state agencies regarding the forthcoming federal reports on the relationship of crypto assets to priorities in energy, climate, and preventing criminal activity.”
Myers said the agencies plan to hold roundtables and listening sessions with industry leaders, consumer advocates, and even critics.
The White House is in the process of economic reform and new legislation continues to be introduced almost daily. With cities like Miami aiming to become the “Wall Street of Cryptocurrencies,” we may see a spike in adoption much sooner than expected.
Currently, there are over 30 States drafting legislation in support of Biden’s Executive Order, which addresses the responsible development of digital assets.