Blockchain adoption seems to be accelerating. California state governor, Gavin Newsom, signed an executive order earlier this week aiming to create a transparent regulatory; and business environment for Web 3.0 firms that harmonizes federal and California state approaches.
Under the new order, the state will start the process of developing a regulatory approach to spur some responsible innovation while protecting the consumers, evaluate how to deploy blockchain technology for public and state institutions, and build research and workforce development pathways.
Governor Newsom commented:
“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.”
A senior advisor to Newsom and director of the Governor’s Office of Business and Economic Development, Dee Myers, told AP News:
“There’s also a lot of unknowns in the industry and so that’s another reason we want to engage early.”
The order comes after the July 2020 report by the California Blockchain Working Group that examined the use of blockchain along with its risks and benefits. Notably, this order has seven key priorities, mainly focused on regulating crypto-assets and related technologies.
Buy Crypto NowIn that context, the secretary of California’s Government Operations Agency, Amy Tong, commented:
“It is critical that we engage early with industry and start learning the pros and cons of innovative technology early. We can take the next steps towards getting ahead of the curve; and harnessing the potential of these tools to make government better.”
This order comes in line with President Joe Biden’s digital asset executive order that was released in March 2022.
