Investors and tech companies in California have been investing in cryptocurrencies for over a decade.
Now the governor of the largest state in the U.S. is joining the party.
California Governor Gavin Newsom on Wednesday issued an executive order on cryptocurrencies. Drawing up a roadmap for regulation and consumer protection and examining ways the state can benefit from blockchain technology and digital assets.
“Of the 800 blockchain companies in North America, about a quarter are in California, dramatically better than any other state,” Dee Dee Myers. Senior adviser at Newsom and director of the governor’s office for business and economic development, told news. “We have heard so much that they want to be here, and we want to help them do it responsibly.”
Newsom refused the U.S. Office of Business and Economic Development to cooperate with the California Agency for Business. Consumer Services, Housing, and the Department of Financial Protection and Innovation.
The order aims to create a transparent and consistent business environment for blockchain businesses. including cryptocurrencies also related financial technologies, that harmonizes federal and California laws, balances consumer benefits and risks, also embraces Californian values such as capital. Integration also environmental protection.” The agencies presented their results. They recommended the next steps. According to the order, it will “reflect consultations with relevant government agencies on an upcoming federal report on the relationship of crypto assets to energy, climate, and crime prevention priorities.”
Myers said the agency plans to hold roundtable meetings and listening sessions with industry leaders, consumer advocates, and critics.
“The possibilities are almost endless,” Myers said. “For example, we can remove middlemen from real estate or even car transactions. We can use it to protect people’s identities and benefit people through government services. When we sell carbon offsets. We can ensure that the same forest is not sold twice also there is a transparent balance sheet.
As part of the California plan, the order will coincide with the Biden administration’s proposal to examine the risks also benefits of cryptocurrencies in March.