The governor of the largest US state by population is signing an executive order to boost and regulate blockchain technology within the state.
Governor Gavin Newsom of California signed an executive order on Wednesday, April 5, to create a regulatory framework that encourages blockchain innovation while protecting consumers.
“Under this executive order, and pursuant to the California Consumer Financial Protection Law passed by the Legislature in 2020, California will begin the process of creating a regulatory approach to spur responsible innovation while protecting California consumers, assess how to deploy blockchain technology for state and public institutions, and build research and workforce development pathways to prepare Californians for success in this industry.”
Governor Newsom says the order, which builds on President Biden’s recent crypto-focused executive order, will help California leverage blockchain technology for the public good.
“Too often government lags behind technological advancements, so we’re getting ahead of the curve on this, laying the foundation to allow for consumers and business to thrive.”
The executive order outlines seven priorities for the state regarding blockchain technology.
“1. Create a transparent and consistent business environment for companies operating in blockchain…
2. Collect feedback from a broad range of stakeholders, [to help] create a regulatory approach…
3. Collect feedback from a broad range of stakeholders for potential blockchain applications and ventures…
4. Engage in a public process and exercise statutory authority to develop a comprehensive regulatory approach…
5. Engage in and encourage regulatory clarity…
6. Explore opportunities to deploy blockchain technologies to address public-serving and emerging needs…
7. Identify opportunities to create a research and workforce environment…”
Newsom’s order calls for the Office of Business and Economic Development to work with California’s departments of Financial Protection and Innovation (DFPI) and Business, Consumer Services and Housing Agency.
The order also calls upon the DFPI to create educational material for consumers that elucidates the risks and benefits of crypto investing, specifically requiring educational materials that “include information about how to avoid scams and frauds.”
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