According to the press release, California governor Gavin Newsom said, “To create a transparent regulation and business environment for Web 3 companies.” cryptocurrency signed a friendly executive order.
“A Transparent And Consistent Environment Will Be Created For Cryptocurrency Companies In California”
Pursuant to the Order and the California Consumer Financial Protection Act, passed in 2020, the state bitcoin and “create a transparent and consistent business environment” for blockchain companies, including cryptocurrency projects and associated fintech companies.
California will also receive feedback from companies to establish crypto-asset regulations with federal authorities, evaluate the use of Blockchain technologies for state and public agencies, and create pathways for blockchain-related research and business development programs.
As for California regulation, it plans to go to Washington in line with a crypto-federal executive order-based approach that President Joe Biden signed in March.
“We Want to Promote Innovation”
Governor Newsom said in a statement:
“California is a global innovation hub, and with this new technology we are preparing our state. We encourage responsible innovation, protecting consumers and using this technology for the public good.
“Governments often lag behind in technological advances, so we lay the groundwork for consumers and businesses to thrive and stay ahead of everyone else.”
In late 2020, Newsom restructured the California department responsible for regulating financial services to also oversee the growing crypto industry.
*Not investment advice.