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California Gov. Gavin Newsom signs an executive order for the crypto regulatory framework in the Golden State

The governor of the most populous US state signs an executive order to promote and regulate the Blockchain-Technology within the state.
Governor Gavin Newsom of California on Wednesday, April 5, signed an executive order creating a regulatory framework that encourages blockchain innovation while protecting consumers.

“Under this executive order, and pursuant to the California Consumer Financial Protection Act passed by the Legislature in 2020, California will begin creating a regulatory approach to drive responsible innovation while protecting California consumers, evaluating how blockchain technology can benefit state and public institutions and are building research and human resource development pathways to prepare Californians for success in this industry.”

Gov. Newsom says the order, which builds on President Biden’s recent crypto-focused executive order, will help California leverage blockchain technology for the common good.

“Too often, government lags behind technological advances, so we’re ahead of the curve and laying the foundation for consumers and businesses to thrive.”

The executive order outlines seven priorities for the state related to blockchain technology.

“1. Creating a transparent and consistent business environment for companies operating on blockchain…

2. Gather feedback from a wide range of stakeholders, [to help] create a regulatory approach…

3. Collect feedback from a wide range of stakeholders for potential blockchain applications and ventures…

4. Participate in a public process and exercise legal powers to develop a comprehensive regulatory approach…

5. Advocate for regulatory clarity and promote…

6. Explore ways to use blockchain technologies to serve public and emerging needs…

7. Identify opportunities to create a research and work environment…”

Newsom’s order calls for the Office of Business and Economic Development to work with California’s Departments of Financial Protection and Innovation (DFPI) and the Business, Consumer Services and Housing Agency.

The order also calls for the DFPI to produce educational materials for consumers that explain the risks and benefits of crypto investing, and specifically calls for educational materials that “provide information on how to avoid scams and fraud.”
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Source: Crypto News Deutsch

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