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California governor Newsom embraces blockchain and issues executive order on crypto

CNBC | Yasmin Khorram | May 4, 2022

Gavin Newsom - California governor Newsom embraces blockchain and issues executive order on cryptoTech investors and businesses in California have been betting on crypto for well over a decade. Now, the governor of the U.S. state with the largest economy is joining the party.

California Gov. Gavin Newsom issued an executive order Wednesday on cryptocurrencies, laying out a road map for regulatory and consumer protections and examining ways the state can take advantage of blockchain technologies and digital assets.

Dee Dee Myers, senior advisor to Newsom and director of the Governor’s Office of Business and Economic Development:

Of the 800 blockchain businesses in North America, about a quarter of them are in California, dramatically more than any other state.  We’ve heard from so many that they want to be here, and we want to help them do that responsibly.

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The order is designed to “create a transparent and consistent business environment for companies operating in blockchain, including crypto assets and related financial technologies, that harmonizes federal and California laws, balances the benefits and risks to consumers, and incorporates California values, such as equity, inclusivity, and environmental protection.”

The opportunities are almost endless.  We can do things like remove middlemen from transactions involving real estate or even automobiles. We can use it to protect people’s identity and provide benefits to people through government services. If we’re selling carbon offsets, we can make sure the same forest isn’t being sold twice and that there’s some record that’s transparent.

Under California’s plan, the order would align with the Biden administration’s proposal in March to examine the risks and benefits of cryptocurrencies.

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Some 37 states have pending legislation on cryptocurrencies and other digital assets, according to the National Conference of State Legislatures. In February, New Hampshire issued an executive order to propose new bitcoin laws.

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