Gavin Newsom: California’s Governor Sign An Executive Order To Regulate Crypto In The State

  • The governor of California is signing an EO to work on enhancing and regulating blockchain technology in the state. 
  • It would facilitate the state to leverage blockchain technology for the public good, highlights the governor. 
  • The order comprises seven priorities for the state regarding blockchain technology.

Gavin Newsom, the governor of the largest US state by population, is signing an executive order to bolster and regulate blockchain technology within the state. 

The Golden State To Paint Itself With Blockchain Regulation 

He recently signed the EO last month on April 5 to develop a regulatory framework that inspires blockchain innovation and protects the consumers. 

Under this executive order, and according to the California Consumer Financial Protection Law passed by the Legislature in 2020, California will start with the process of developing a regulatory approach to spur responsible innovation while protecting California consumers. And assess how to deploy blockchain technology for public and state institutions and build research and workforce development pathways to prepare Californians for success in this industry.

According to the governor, the order builds on President Biden’s recent crypto-focused executive order. It would facilitate the state to leverage blockchain technology for the public good. 

The EO mainly highlights seven priorities for the state regarding the blockchain technology, including creating a transparent and consistent business environment, collecting feedback from stakeholders, exploring opportunities to deploy blockchain technologies, identifying opportunities to create a research and workforce environment, etc. 

Furthermore, the order calls for the Office of Business and Economic Development to work along with California’s departments of Financial protection and Innovation (DFPI) and Business, Housing Agency, and Consumer Services. 

And it calls for the DFPI to work on an educational material for consumers that elucidates the benefits and risks of crypto investing, particularly requiring educational materials including information regarding how to avoid fraud. 

Blockchain technology and cryptocurrencies have made a firm position in the finance sector worldwide, as more and more regions and countries are considering the concepts. It is to look forward to how crypto would emerge in the US State. 

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