The Governor of the US state of California, Gavin Newsom, signed an executive order on Wednesday to “create a transparent and consistent business environment for companies operating in the blockchain sector, including crypto assets. electronics and related financial technologies,” according to a statement published by the governor’s office.
California became the first state in the nation to begin creating a harmonized and comprehensive framework for responsible web3 technology to thrive.
Under Governor Newsom’s executive order, the state will also “evaluate how blockchain technology can be implemented for public and public institutions, and develop research pathways aimed at generating talent for emerging industries and using technology for the public good.”
Governor Newsom commented: “California is a hub of global innovation and we are setting the state up for success with this emerging technology.”
Governments are often behind on technological advancements, so we are going ahead and laying the groundwork that allows consumers and businesses to thrive.
The California executive order builds on President Joe Biden’s piece of legislation on crypto-asset regulation, which he signed in March.