California Governor, Gavin Newsom has signed an executive order for state agencies to facilitate the federal government to create regulations for crypto. Tech investors and businesses have been looking forward to this move by California for almost a decade.
The executive order signed by the governor comprises a roadmap concerning regulations and customer safeguarding along with understanding and examining ways how the state can take advantage of the blockchain technology.
Officials shall be responsible for exploring and incorporating blockchain computer coding into the government operations of California. California is known as a state that has always been ahead in terms of technological advancement.
Finally, this move comes after U.S. President Joe Biden signed an executive order to explore the technology further in March, this year.
Gavin Newsom has signed the executive order as California wishes to “create a transparent regulatory and business environment for Web 3 companies”.
The ever-evolving cryptocurrency and blockchain technology could facilitate advancement and innovation in the state after imposing an appropriate legal framework to regulate the same, according to the report.
Dee Dee Myers, a senior advisor to governor Gavin Newsom and director of Business and Economic Development said:
Blockchain technology is potentially an explosive creator of new companies and new jobs and new opportunities” Of the 800 blockchain businesses in North America, about a quarter of them are in California, dramatically more than any other state. We’ve heard from so many that they want to be here, and we want to help them do that responsibly.
California’s stance on cryptocurrency and the blockchain industry is rather refreshing amidst constant regulatory and security concerns being expressed by other nations.
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California, which is home to Silicon Valley should be the crusader in terms of embracing and adopting innovations, according to Newsom governor. He further stated, “There’s also a lot of unknowns in the industry and so that’s another reason we want to engage early.”
Gavin Newsom has ordered the state’s business and economic development office to work together with California’s Business, Consumer Services, and Housing Agency and the Department of Financial Protection and Innovation.
Newsom further stated,
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 businesses to thrive
This particular order that has been signed is targeted to, “create a transparent and consistent business environment for companies operating in blockchain, including crypto assets and related financial technologies, that harmonizes federal and California laws, balances the benefits and risks to consumers, and incorporates California values, such as equity, inclusivity, and environmental protection.”
The Blockchain industry works on transparency based on a decentralized system, this is a reason why the technology gained confidence and depicted substantial growth along with popularity in the past few years.
Supposedly, around 16% of U.S adults have actively traded cryptocurrency and been a part of the ecosystem, the numbers carry a higher percentage of the younger population.
The order for the department is to create the guidelines for disclosures by companies while they offer financial products and services related which are related to cryptocurrency and blockchain technology.
Not only that but it shall also state guidelines for state-chartered banks and credit unions concerning crypto and blockchain-related products.
The order is also supposed to publish information on consumer education materials and provide suggestions, advice, and information regarding crypto scams and fraudulent practices.
The order shall be based on the July 2020 report by the California Blockchain Working Group that consists of an analysis of the risks and benefits linked to the industry.
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Featured image from UnSplash, chart from TradingView.com
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