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 public good,said Governor Newsom
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.said Governor Newsom
Transparent Regulatory and Business Environment
Under the executive order, California will begin the process of creating a transparent regulatory and business environment for WEB3 companies. This approach will harmonize federal and California laws, protect California consumers, spur responsible innovation, and pave the way for the public to benefit from this emerging technology. Pursuant to the California Consumer Financial Protection Law passed by the Legislature in 2020, the state will create a regulatory approach to spur responsible innovation while protecting California consumers.
Blockchain Technology for Public and State Institutions
The executive order also seeks to assess how to deploy Blockchain technology for state and public institutions. This will help to create public-serving use cases for WEB3 technology, such as incorporating blockchain technologies into state operations. The order also aims to build research and workforce development pathways to prepare Californians for success in the industry.
Setting the State for Success
Governor Newsom believes that California is a global hub of innovation and is setting up the state for success with this emerging technology. The state's actions will spur responsible innovation, protect consumers, and leverage this technology for the public good. Governor Newsom believes that government often lags behind technological advancements, so getting ahead of the curve is crucial. By laying the foundation for consumers and businesses to thrive, California is leading the way in responsible WEB3 technology.
Harmonizing Federal Rules and Guidelines
The executive order builds on President Biden's recent actions to bring regulatory clarity to emerging products and services. It sets California on a path to harmonize with forthcoming federal rules and guidelines, creating regulatory clarity for businesses and protecting consumers.
Priorities Under the Executive Order
Under the executive order, California has seven priorities. These include creating a transparent and consistent business environment for companies operating in blockchain, collecting feedback from a broad range of stakeholders, engaging in a public process and exercise statutory authority to develop a comprehensive regulatory approach, exploring opportunities to deploy blockchain technologies, and identifying opportunities to create a research and workforce environment to power innovation in blockchain technology.
The crypto assets and blockchain technology industry has surpassed a $3 trillion market cap, up from $14 billion just five years ago. According to research, roughly 16 percent of adults have invested in, traded, or used cryptocurrencies. Late-stage post-money valuations for venture capital-backed blockchain and crypto asset companies have increased on average 91 percent, to $3.95 billion, according to PitchBook data.
California's executive order is a significant step towards creating a comprehensive and harmonized framework for responsible WEB3 technology. The state's approach will create a transparent regulatory and business environment that protects consumers, spurs responsible innovation, and utilizes technology for the public good. California's actions will set a standard for other states and countries to follow in harmonizing federal and state laws and creating regulatory clarity for businesses while protecting consumers.
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