Cryptocurrency isn’t going anywhere anytime soon. Governor Gavin Newsom is laying the law down and creating a road map for regulatory and consumer protections with investors and businesses in California. According to CNBC, Governor Newsom is examining ways the state can take advantage of blockchain technologies and digital assets.
Earlier today, Governor Newsom issued an executive order on cryptocurrencies which aligns with the Biden administration proposal released in March. According to the National Conference of State Legislatures under the proposal, about 37 states have pending legislation on cryptocurrencies and other digital assets. Reports also state in February, New Hampshire issued an executive order to propose new bitcoin laws.
To add clarity, Governor Newsom’s order is designed to “create a transparent and consistent business environment for companies operating in the blockchain. Including crypto-assets and related financial technologies that harmonize federal and California laws. As well as balances the benefits and risks to consumers, and incorporates California values, such as equity, inclusivity, and environmental protection.”
The Senior Advisor to Governor Newsom and director of the Governor’s Office of Business and Economic Development, Dee Dee Myers, spoke out about the order stating, “Of the 800 blockchain businesses in North America, about a quarter of them are in California, dramatically more than any other state. ” She added, “We’ve heard from so many that they want to be here, and we want to help them do that responsibly.” Dee Dee also explained that the agencies involved plan to hold roundtables and listening sessions with industry leaders, consumer advocates, and critics.
Although it may seem like Governor Newsom will receive backlash, it appears he’s doing everything in his power to prevent Californians from being preyed upon. According to a data firm, Chainalysis, criminals stole a record $14 billion worth of cryptocurrency last year, prompting SEC to nearly double their staff responsible for protecting investors in crypto markets.
Roommates, do you think Governor Newsom is making a smart move?
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