Governor Gavin Newsom signed an executive order Wednesday to begin the implementation of a crypto framework in the US state of California.
The executive order builds on the recent order from Biden administration, which called on regulators to work together to mitigate risks and promote innovation.
“California will begin the process of creating a regulatory approach to spur responsible innovation while protecting California consumers, assess how to deploy blockchain technology for state and public institutions, and build research and workforce development pathways to prepare Californians for success in this industry,” said an announcement from the governor’s office.
The state plans to create a “transparent and consistent business environment” for crypto firms by harmonizing federal and California laws. It will also collect feedback from stakeholders to build that framework and for potential opportunities to include blockchain technologies into state operations and public needs.
In February of this year, California became the latest state to consider authorizing state agencies to accept cryptocurrency as a method of payment for government services. That bill, which is in California’s senate, is sponsored by State Senator Sydney Kamlager-Dove, a Democrat. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.