California Is Introducing New Regulatory Framework

The governor of the Golden State has signed a new executive order on cryptocurrencies.

California Is Introducing New Regulatory Framework

A new executive order on digital assets has landed on the West Coast promising a better business environment with advanced transparency and consistency. Californian governor Governor Gavin Newsom officially signed it just today.

According to official sources, the new executive order specifically aims 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.”

As about a quarter of all the blockchain businesses in North America are situated in the Golden State, the officials are trying to bring about a regulatory environment that would suit both the companies and the state.

The state businesses and industry groups have positive attitudes towards the new order. The chairman of the Chamber of Digital Commerce, Perianne Boring, said: “The California executive order rightly recognizes the role blockchain technologies play in spurring job growth and economic competitiveness for the state.”

It was rather expected that California, being one of the leaders of the tech industry, would address a proper crypto regulatory framework sooner rather than later. However, many other US states are said to follow in its footsteps in the upcoming months.

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