The governor of the U.S. state with the largest economy is joining the crypto party. According to Dee Dee Myers, Director of Governor’s Office of Business and Economic Development (GO-Biz), of the 800 blockchain businesses in North America, about a quarter of them are in California, dramatically more than any other state.
Consequently, California Governor Gavin Newsom has issued an executive order on cryptos, laying out a road map for regulatory and consumer protections and examining ways the state can leverage the nascent space to its advantage.
Newsom is directing the state’s business and economic development office to work in collaboration with California’s Business, Consumer Services and Housing Agency and the Department of Financial Protection and Innovation.
Under the order, the state of California is set to create a “transparent and consistent business environment” for blockchain-based companies and digital asset projects. California is also set to collect stakeholder feedback to create regulations in conjunction with federal authorities and assess the use of blockchain technology for public institutions.
According to the order, the state 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.”
On the regulatory front, California is looking to coordinate with Washington, D.C. for advice based on the crypto executive order President Joe Biden signed in March.
Several states have pending legislation on digital assets. In February, New Hampshire issued an executive order to propose new bitcoin laws.