California Governor signs executive order to advance Web3 and crypto technologies

What 

The state of California has become the first in the US to begin creating a comprehensive framework to advance cryptocurrencies and blockchain technology in the Bear Flag state

Why 

The executive order aims to create a pipeline of talent for the emerging industry and utilise the technology for public good, according to an official release 

What next 

The executive order will begin the process of creating a regulatory framework for crypto technologies. This includes assessing the deployment of blockchain technology and building research and workforce capabilities to prepare Californians for what the governor says is a burgeoning industry 

The story 

“California is a global hub of innovation, and we’re setting up the state for success with this emerging technology, spurring responsible innovation, protecting consumers, and leveraging this technology for the public good,” said California Governor Gavin Newsom of his signing of the executive order into action. 

Governor Newsom is the first to act on President Biden’s call for regulatory clarity in cryptocurrency and wider digital assets space in the US. It sets California on a path to “harmonise” with forthcoming federal rules and guidelines, according to Newsom.

“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,” he noted. 

Among the seven key priorities outlined in the executive order was the creation of a consistent business environment for companies in the blockchain space, to encourage and develop a comprehensive regulatory framework through public process, and to identify opportunities to create a research and workforce environment. “The goals will be to expose students to emerging opportunities, power emerging industries, and help ensure economic benefits are experienced equitably,” the release notes.  

To read more about Web3 check out our Web3 Explainer here.