Gavis Newsom, the governor of California, has signed an executive order to form a transparent regulatory and business environment for Web3 companies in the country.
Governor Calls for Transparent and Consistent Crypto Environment
According to the executive order, alongside the California Consumer Financial Protection Law of 2020, the state will provide a “transparent and consistent business environment” for crypto-asset projects, blockchain-based companies, and related fintechs.
Another component highlighted in the executive order is that the California state administration will collect feedback to craft crypto-related regulations alongside the federal authorities. This will include an assessment of blockchain technologies application for public and state institutions and developing paths for more blockchain-related studies and work-related projects.
California State aims to work closely with Washington, DC, for more advice on the executive order released by President Joe Biden that was signed in March 2022.
According to Newsom, California is an international hub for innovation, and the government has indicated it is working towards transforming it for huge success in emerging technology. This focus will help to spur responsible innovation with a focus on consumer protection and leveraging the technology for the public good. Many are the times when governments lag technologically, and this is why California is taking a different course of racing ahead of the curve to lay the foundation for business and customers to thrive.
In late 2020, governor Newsom restructured the department for financial services regulation to allow it also to supervise the fast-growing crypto industry. This approach is expected to act as a pacesetter not just for other states in the US but also jurisdictions across the globe.