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The Governor of California has issued an executive order on cryptocurrency

California Governor Gavin Newsom signed a new executive order on cryptocurrency on Wednesday, May 4. Given that California is the largest economy in the United States, this is really exciting news. As a result, it may inspire governors in other states to follow suit.

The executive order on cryptocurrency lays out a regulatory and consumer protection roadmap. It also discusses the advantages of blockchain technology and the adoption plan.

Dee Dee Myers, a senior counselor to Newsom, 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.”

Newsom has requested that his state’s business and economic development bureau collaborate with the California Department of Business, Consumer Services, and Housing.

The Crypto Executive Order in California’s Key Aspects

The crypto executive order aims to create a transparent business climate for cryptocurrency enterprises. The executive order, according to Myers, “balances consumer advantages and risks, and includes California principles such as equity, inclusivity, and environmental protection.”

As a result, the state agency will provide its findings and recommendations for the next actions in the near future. Myers stated that the agency intends to hold several rounds of consultation with stakeholders. They’ll also speak with consumer advocates and detractors.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.