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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