Governor Gavin Newsom of California has signed an executive order in conformation to the executive order of President Joe Biden on the regulation of cryptocurrency and digital assets.
According to the release, the provisions of the order allow for the government of the state to regulate virtual currencies, explore various opportunities that the blockchain market presents, and also build structures that facilitate research and further studies on the crypto sphere.
The executive order of the US president, Joe Biden was issued in March, after much anticipation. The order instructs government institutions and bodies in the United States to enact policies and regulations to monitor and coordinate cryptocurrency trades and also ensure investors’ and traders’ protection from illicit crimes that are peculiar to the blockchain market.
Of all the states in the US, California is the first to take the bull by the horn in enacting policies to ensure that the order of the president is achieved.
Newsom said the state is a globally recognized platform for breeding innovative technology and he and his team are setting up the state for huge successes in this light. He added by saying, “too often government lags behind technological advancements, so we’re getting ahead of the curve on this.”
The executive order issued by the governor has the goal of ensuring a conducive environment for all entities operating in the crypto market, one that ensures transparency and consistency, coupled with harmony between federal and state laws.
To realize these goals, the following government bodies will ensure due diligence and work hand in hand; the Governor’s Office of Business and Economic Development, Business, Consumer Services and Housing Agency (BCSH), and the Department of Financial Protection and Innovation (DFPI).
These government bodies will be in collaboration to develop policies that harmonize state and federal laws on cryptocurrency assets, ensure that blockchain technology is integrated into the operations of the state, and also build structures that facilitate further research on virtual assets.
The United States continues to be meticulous in enacting policies and building government infrastructures that allow for a conducive environment for cryptocurrency trade. The country ensures the protection of crypto users and subscribers within its borders from illicit crimes peculiar to the blockchain market such as fraud, cybercrime, and terrorism.