California Governor’s crypto executive order similar to Joe Biden’s in March directs state agencies to examine cryptocurrencies and blockchain technologies
California Governor Crypto Executive Order To Examine Cryptocurrencies
Governor Gavin Newsom signed an executive order earlier today instructing numerous state departments to investigate cryptocurrencies and blockchain technologies and make recommendations on how to integrate them into the state’s operations.
The order follows President Joe Biden‘s early-March executive decree on crypto. Today’s California order, like that of the president, contains no new regulations or orders for state agencies.
Instead, it directs the Governor’s Office of Business and Economic Development to work with the Business, Consumer Services, and Housing Agency as well as the Department of Financial Protection and Innovation to develop a “harmonized regulatory approach to crypto-assets” between state and federal agencies.
Within 60 days of federal agencies advising Biden on national crypto policy, these California agencies must advise Newsom on how to regulate crypto in the state while taking “priorities in energy, climate, and preventing criminal activity” into account.
California Governor Praise Web3 Innovation
Web3 innovation, which Newsom himself praised as “going ahead of the curve” this morning, is mired with language highlighting “risk to consumers,” potential “inequities and environmental damage,” and the significance of selecting “responsible crypto assets,” much like the Biden directive.
The decree directs state entities to look into how blockchain technologies could be integrated into governmental operations as well as how to best manage cryptocurrency.
The agencies will also collaborate with the corporate sector on how to best develop “research and workforce pipelines” that will bring together the public and commercial sectors, as well as academia, to develop and support the next generation of Web3 technology leaders.
The announcement comes at a time when many other states are forming Web3 task teams, and the federal government is bolstering its crypto regulatory authority. At least 37 states are now drafting crypto-related measures, according to the National Conference of State Legislatures.
However, California is a unique example, as it has the world’s fifth-largest economy and is home to Silicon Valley and San Francisco, the crypto industry’s epicenters.
