California just became the most crypto-friendly state
California Governor Gavin Newsom recently signed an executive order that names the most crypto-friendly state in the United States. According to an article released by the governor’s office on May 4, California hopes to harmonize federal government policies and build on President Biden’s actions to bring clarity to the crypto and web-related technological advances 3. In accordance with the California Consumer Financial Protection Act, the California government plans to “drive responsible innovation while protecting California consumers, evaluate how to deploy blockchain technology blocks for state and public institutions and to create pathways for research and workforce development to prepare Californians for success in this industry. .”
What California Crypto Consumers Can Expect
The new order aims for innovation and investor protection, prioritizing the integration and application of regulatory guidelines and the blockchain framework. Newsom hopes to bring the California government in line with technology rather than falling behind technological advancements. “California is a global hub for innovation, and we’re setting the stage for success with this emerging technology – driving responsible innovation, protecting consumers, and leveraging this technology for the public good. “, Newsom said. “Too often, government lags behind technological advancements, so we’re getting a head start on this, laying the groundwork for consumers and businesses to thrive.”
The order also prioritizes gathering feedback, participating in the public process, and identifying research and workforce opportunities.
Other States Leading the Crypto Race
Although California has taken an even more pivotal role in blockchain and Web 3 innovation, other states are rushing to digital currency adoption. Mayor Francis Suarez of Miami, Florida demonstrated his support for crypto with the creation of MiamiCoin and an agreement to receive his salary in Bitcoin. New York City appears to be coming with Mayor Eric Adams also taking his paychecks in Bitcoin and speaking out against BitLicense requirements that are stifling economic growth. Texas, Colorado and Wyoming are currently also among the Most crypto-friendly states in the USA
The bottom line
As responsible blockchain technology and its integration into the US economy become more mainstream, states across the country are expressing interest by taking steps to show their support. With Newsom signing the executive order this week, California has officially taken the lead in the crypto-friendly state, moving toward developing regulatory guidelines and a blockchain framework to protect consumers and investors.
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