Gavin Newsom, the governor of California, has signed an executive order aimed at harmonizing a regulatory framework for blockchain between the federal government and the U.S. state as well as spurring innovation in the space.
In a Wednesday announcement, the California governor’s office said executive order N-9-22 and the California Consumer Financial Protection Law would allow the state to create “a transparent and consistent business environment for companies” in Web3 and the crypto space, including blockchain and financial technology firms. According to the order, the California state government will need to establish a regulatory approach to crypto assets concurrent with that laid out in U. S. President Joe Biden’s executive order on digital assets signed in March.
Specifically, under the order the California Governor’s Office of Business and Economic Development would coordinate with the Business, Consumer Services and Housing Agency and the Department of Financial Protection and Innovation, or DFPI, to get feedback from stakeholders. The DFPI will create a regulatory approach to crypto for the state as the Government Operations Agency explores use cases of blockchain technology for the public. In addition, the Governor’s Council for Postsecondary Education will be responsible for identifying opportunities for research and workforce pipelines.
“California is a global hub of innovation, and we’re setting up the state for success with this emerging technology — spurring responsible innovation, protecting consumers and leveraging this technology for the…