Photo: Jim Wilson/New York Times
California unveils a crypto executive order, in a bid to become one of the U.S. crypto hubs, following New York and Miami. The governor's decree aims to create transparent regulation of digital assets in the state.
California is world-famous for being a bastion of technology and economy. However, when it comes to digital assets, the state lags far behind as it is suspicious of them and had failed to develop appropriate regulations. Now, California policy may be changing, as Gov. Gavin Newsom signed an executive order on May 4 to establish regulatory guidelines for the digital asset industry that protect investors and promote innovation, Blockworks reports.
“California is a global hub of innovation, and we’re setting up the state for success with this emerging technology – spurring responsible innovation, protecting consumers, and leveraging this technology for the public good,” Newsom said. “Too often government lags behind technological advancements, so we’re getting ahead of the curve on this, laying the foundation to allow for consumers and business to thrive.”
Newsom said the executive order builds on President Biden's recent moves to clarify the regulation of the new asset class with the hope of putting California ahead of the curve in terms of looming federal policy. State policy changes have come after the mayors of New York and Miami made significant efforts to roll out crypto-friendly regulations that could make their metropolitan areas a U.S. crypto hub.
Denelle Dixon, CEO of the Stellar Development Foundation, told Blockworks it’s a “huge win” to see California take blockchain rule-making seriously, especially when it comes to job creation. “Best known as the home of Web2, the governor’s call today was a move towards a Web3 future,” Dixon said.
The executive order directs California officials to seek feedback from industry participants as well as the public, the statement said. Lawmakers also intend to consider how blockchain technology can be used to meet public and political needs.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.