- California’s new executive order strives to create transparent regulation of digital assets and responsible innovation aligned with upcoming policies from the federal government.
- Crypto consumers can look for increased protection and expect exposure to new research and workforce opportunities.
- Florida, New York, and Wyoming are also competing for the crypto crown.
Could this executive order bring even more crypto companies to the Golden State?
California Governor Gavin Newsom recently signed an executive order that named the state the most crypto-friendly in the U.S. According to an article published by the governor’s office on May 4th, California is hoping to harmonize federal government policies and build on President Biden’s actions aiming to bring clarity to crypto and Web 3-related technology advancements. Pursuant to the California Consumer Financial Protection Law, the California government plans to “spur responsible innovation while protecting California consumers, assess how to deploy blockchain technology for state and public institutions, and build research and workforce development pathways to prepare Californians for success in this industry.”
What California crypto consumers can expect
The new order aims for innovation and protection for investors, prioritizing the integration and enforcement of regulatory guidelines and blockchain framework. Newsom hopes to align the California government with technology rather than fall behind technological advances. “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.”
The order also prioritizes collecting feedback, engaging in the public process, and identifying research and workforce opportunities.
Other states running the crypto race
Although California has taken an even more central role in blockchain and Web 3 innovation, there are other states racing toward digital currency adoption. Mayor Francis Suarez of Miami, Florida has demonstrated his support of crypto with the creation of MiamiCoin and an agreement to receive his salary in Bitcoin. New York City seems to be coming around with Mayor Eric Adams also taking his paychecks in Bitcoin and speaking out against BitLicense requirements stifling economic growth. Texas, Colorado, and Wyoming are currently also among the most crypto-friendly states in the U.S.
The bottom line
As responsible blockchain technology and its integration into the U.S. economy becomes more common, states throughout the country are expressing interest by taking steps to show support. With Newsom signing the executive order this week, California has officially taken the crypto-friendly state lead, moving toward developing regulatory guidelines and a blockchain framework to protect consumers and investors.
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