California governor issues executive order on crypto
Embraces blockchain technology
On Wednesday, California Governor Gavin Newsom signed an executive order to “create a transparent regulatory and business environment for Web3 companies” in the state.
Under the order, in addition to the California Consumer Financial Protection Law passed in 2020, the state will begin the process of creating a “transparent and consistent business environment” for all blockchain-related companies, including crypto assets and those of related financial technologies.
“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,” said Governor Newsom. “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.”
California will also collect stakeholder feedback from stakeholders to create crypto asset regulations in partnership with federal authorities, study how blockchain technology can be used for state and public institutions, and develop blockchain-related research and workforce plans for Californians.
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