California governor gets his hands in crypto

Future. California is starting to officially build a framework for crypto use in the state, charging several state agencies to hash out the details. While there’s no indication of what regulations will ultimately be issued, California may try to avoid the free-for-all nature of Wyoming and the all-in-on-crypto coziness of Miami.

Welcome to crypto California
Governor Gavin Newsom recently signed an executive order to both regulate and encourage the use of crypto in the state.

• It directs the California Governor’s Office of Business and Economic Development (GO-Biz), the state’s Department of Financial Protection and Innovation (DFPI), and the Business, Consumer Services and Housing Agency (BCSH) to develop “potential blockchain applications and ventures” in the state.
• The focus specifically mentions for the agencies to look into applications in the “private sector, academia, and community.”
• DFPI is also tasked with devising crypto regulations, consumer protection standards, and educational material for residents.
  • Specifically, it needs to warn residents about frauds and scams.

The Verge reports that Newsom’s order is similar to the one that the White House issued on the federal level and can create a sense of transparency and consistency for businesses while educating residents about “the benefits and risks” of crypto.