California is one of the first states to begin creating a comprehensive regulatory framework for crypto and blockchain technology
California Gov. Gavin Newsom issued an executive order on Wednesday aimed at fostering the development of the crypto industry within the state.
Gov. Newsom’s order didn’t get into specifics, but said it would create a regulatory framework for the industry that would both foster innovation and protect consumers, look at ways to implement the technology within the state and public institutions, and build out research and workforce-development infrastructure.
Industry groups lauded Gov. Newsom’s initiative. “The California executive order rightly recognizes the role blockchain technologies play in spurring job growth and economic competitiveness for the state,” said Perianne Boring, founder and chief executive officer of the Chamber of Digital Commerce. The order also acknowledges the need to have California’s approach be consistent with the developing federal approach. In March,directing several federal agencies to conduct a broad review of cryptocurrencies.
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