On Wednesday, May 4, California Gov. Gavin Newsom issued a new executive order on cryptocurrencies. This is quite exciting news considering that California is the state with the largest economy in the U.S. Thus, it could encourage governors of other states to make a similar move.
The crypto executive order lays out a roadmap for regulatory and consumer protections. Besides, it also talks about the benefits of blockchain technology and the roadmap for adoption. Speaking to CNBC, Dee Dee Myers, senior advisor to Newsom said:
“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.”
Newsom has asked his state business and economic development office to work in partnership with California’s Business, Consumer Services and Housing Agency.
Key Aspects of California’s Crypto Executive Order
The crypto executive order seeks to build a transparent business environment for companies operating in the crypto space. Myers added that the executive order “balances the benefits and risks to consumers, and incorporates California values, such as equity, inclusivity, and environmental protection”.
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As a result, the state agency will soon submit its findings and recommend the next steps. Myers said that the agency plans to hold several consultation rounds with the stakeholders. They will also talk with other consumer advocates and critics. Myers added:
“The opportunities are almost endless. We can do things like remove middlemen from transactions involving real estate or even automobiles. We can use it to protect people’s identity and provide benefits to people through government services. If we’re selling carbon offsets, we can make sure the same forest isn’t being sold twice and that there’s some record that’s transparent.”
He added that along with promoting innovation, it is critical to put “guardrials” in place and eliminate bad actors to “make sure there are enforceable and clear guidelines to protect everybody.”
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