Governor of California, Gavin Newsom, has issued an executive action directing state agencies to assist the national government in developing cryptocurrency regulatory frameworks.
The executive order issued by the state governor includes a road map for laws and consumer protection and a framework for comprehending and assessing how the region can benefit from the use of blockchain technology.
Officials will be in charge of researching and applying blockchain computer code to the activities of the state government. California has consistently been at the forefront of technical innovation, and this new decree will allow the state to grow technologically.
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Governor Believes Cryptocurrency Will Create New Opportunities
In signing the executive order, Governor Gavin Newsom said that California intends to “establish a clear regulatory and commercial climate for Web 3 enterprises.”
The report states that the ever-changing blockchain and blockchain could enhance development and advancement if the state implements an appropriate regulatory framework for both industries.
Dee Dee Myers, a senior adviser to Newsom and head of the California Department of Business and Economic Development, had the following thoughts:
“Blockchain technology can be a game-changer in terms of creating new businesses, new employment, and new possibilities. About a quarter of the 800 blockchain enterprises in North America are located in California, a far higher proportion than any other state. We’ve heard from many people who express a want to be here, and we want to assist them appropriately.”
California’s attitude toward the crypto and blockchain business is a breath of fresh air in a world where other countries always express worries about legal and security issues.
California Is Interested in Getting Into Cryptocurrency “Early”
As stated by Newsom, California should be the champion when it comes to accepting and promoting innovations. “There are also uncertainties in the sector, which is why we want to be involved early,” he added.
Newsom has directed the state’s economic and business development agency to collaborate with the state’s Consumer Services, Business and Housing Agency, and the Department of Financial Protection and Innovation.
Newsom went on to say that:
“To avoid falling behind technology improvements, we’re taking the lead by establishing the groundwork that will enable consumers and companies to succeed in an increasingly competitive environment.”
This order will establish a fair and uniform business environment for firms using blockchain tech, including digital assets. Also, the regulation will balance the advantages and risks to investors and includes values like equality, inclusiveness, and environmental preservation.
The blockchain sector is founded on transparency and operates on a decentralized system, which is one of the reasons why the technology has gained popularity and trust in recent years, as well as shown significant development and expansion.
According to reports, about 16% of people in the United States have traded cryptocurrencies; however, the proportion of the young generation is more significant. The state agencies have been tasked with developing disclosure requirements for enterprises that provide financial goods and services that are tied to cryptocurrencies and blockchain.
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