- On May 4, California Governor Gavin Newsom issued a new executive order on cryptocurrencies.
- The order on cryptocurrency outlines a roadmap for regulatory and consumer protection.
The governor of the most economically advanced U.S. state, last Wednesday signed a new executive order on cryptocurrencies. The order includes a roadmap for introducing blockchain technology into the daily lives of Californians. Dee Dee Myers, a senior aide to the governor said;
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. So there are a lot of opportunities. There’s also a lot of unknowns in the industry and so that’s another reason we want to engage early.
California Governor Gavin Newsom’s order says the state, home to Silicon Valley and financial innovators like PayPal and Square, should be ahead of the curve in figuring out how to adapt to new technology.
“Too often, government lags behind technological advances, so we are ahead of the curve, laying the groundwork for consumers and businesses to thrive,” Newsom, a Democrat, said in a statement.
California has about 39 million people and an economy worth more than $3.1 trillion, more than the United Kingdom and India. Newsom said his order is a step toward making it the first state in the country “to create a comprehensive, thoughtful and harmonized regulatory and business environment for crypto-assets.”
Details of the crypto executive order
The cryptocurrency ordinance aims to create a transparent business environment for companies operating in the crypto space. Myers added that the ordinance “balances the benefits and risks for consumers and incorporates California’s values of fairness, inclusiveness, and environmental protection.”
As a result, the state agency will soon present its findings and recommend next steps. Myers said the agency plans to hold several rounds of consultations with stakeholders. They will also talk to other consumer advocates and critics.
The opportunities are almost endless. We can do things like remove middlemen from transactions involving real estate or even automobiles. We can use it to protect people’s identity and provide benefits to people through government services. If we’re selling carbon offsets, we can make sure the same forest isn’t being sold twice and that there’s some record that’s transparent.
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