California Governor Signs Executive Order on Crypto, Blockchain, and Web 3

May 10, 2022

Reading Time: 2 minutes

As the state is increasingly embracing blockchain technologies, California governor Gavin Newsom has issued an executive order on Wednesday, which will be the foundation for the regulatory framework on crypto for the state.

As revealed in the order, Newsom’s goal is “to create a transparent and consistent business environment for companies operating in block chain,” that balances “the benefits and risks to consumers.”

The order is issued to lay out a road map for regulatory and consumer protections and research on different ways the country can maximize the benefits of digital assets and blockchain technologies.

“Of the 800 blockchain businesses in North America, about a quarter of them are in California, dramatically more than any other state,” said Dee Myers, the senior advisor to Newsom and director of the Governor’s Office of Business and Economic Development, he furthered that “We’ve heard from so many that they want to be here, and we want to help them do that responsibly.”

Governor Newsom’s order is, however, calling on the California Governor’s Office of Business and Economy Development (Go-Biz) to work with the state’s Business, Consumer Services, and Housing Agency as well as the Department of Financial Protection and Innovation.

The order is 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 agencies will report their findings and make recommendations regarding the next steps; the order will “reflect consultation with relevant state agencies regarding the forthcoming federal reports on the relationship of crypto assets to priorities in energy, climate, and preventing criminal activity.”

Myers also said that the agencies are planning to have a discussion with the industry leaders, critics, and consumer advocates.

“The opportunities are almost endless,” Myers said. “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.”

The California governor’s executive order on blockchain technologies will align with President Biden’s, which he signed in March, an order that seeks to examine the risks and benefits of cryptocurrencies.

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