On Wednesday, May 4, California Governor Gavin Newsom issued a new executive order on cryptocurrencies. Given that California is the state with the largest economy in the US, this is quite exciting news, it could encourage governors of other states to take similar steps.
The crypto executive order lays out a roadmap for regulatory and consumer protection. In addition, it also talks about the benefits of blockchain technology and the roadmap for adoption. Speaking to CNBC, Newsom Senior Advisor Dee Dee Myers said:
“Of the 800 blockchain businesses in North America, almost a quarter of them are in California, dramatically more than any other state. We have heard from a lot of people that they want to be here, and we do so responsibly. want to help them do that.”
Newsom has asked its state Office of Business and Economic Development to work in partnership with the California Business, Consumer Services and Housing Agency.
Key Aspects of California’s Crypto Executive Order
The Crypto Executive Order seeks to create a transparent business environment for companies operating in the crypto space. Myers said the executive order “balances benefits and risks to consumers, and incorporates California values, such as equity, inclusivity and environmental protection”.
As a result, the state agency will soon submit its findings and recommend next steps. Myers said the agency plans to hold several consultation rounds with stakeholders. They will also talk to other consumer advocates and critics. Myers said:
“The opportunities are almost endless. We can do things like remove middlemen from transactions involving real estate or even automobiles. We use this to protect people’s identities and provide benefits to people through government services. If we are selling carbon offsets, we can ensure that the same forest is not being sold twice and that some records are transparent.
He added that as well as fostering innovation, it’s important to keep “guardial” and eliminate bad actors “to ensure that there are enforceable and clear guidelines to protect everyone.”
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