The Governor of the state of California, Gavin Newsom, has finally signed the much talked about executive order on digital assets to establish comprehensive and harmonized guidelines for the industry to thrive.
Accordingly, California has been regarded as a global hub known for its innovation. The authorities are setting the state on the right path toward becoming the center of emerging technological innovation, especially in digital assets and blockchain products and services.
The Crypto and Blockchain Executive Order
On Wednesday, the Californian Governor signed the executive order to signal the state’s readiness to provide an enabling environment for emerging technologies to thrive.
Governor Gavin Newsom revealed that the aim is to establish an open, transparent, and consistent business environment for firms involved in blockchain, cryptocurrency, and other related digital services to thrive and elevate the state’s standing over others.
In the same vein, the latest move has made California the first state in the United States to create a comprehensive and holistic framework for the progress of Web3 technology and its related innovations.
Under the new executive order, the state will also study how blockchain technology will be deployed in both state and public establishments and how it would aid in research and development to prepare the citizens for the conditions for future participation in the industry.
Additionally, the notice from Newsom is an indication that the executive order is geared toward creating a ready talent pool for the emerging digital industry, which will utilize the technology for the good of the state.
Governor Newsom also emphasized that California is a global innovation hub, and his government is laying the foundation for future technological advancement, whereby future decision-makers will continue. The environment would be welcoming to both businesses and consumers.
The signing of California’s executive order is in line with the directive of President Joe Biden about the need to regulate the crypto industry, which consequently led to his signing of the presidential executive order in March.
Biden’s executive order has been hailed as the next big thing to happen to the crypto industry by experts who believe it is a step in the right direction. It has been commended as a positive measure to give official approval to a sector that critics have seen as controversial due to the disruptive innovations it brings.
With the signing of the executive order, President Biden has sent a message about his readiness to do what is right for the progress of both the industry and the country. Consequently, the president has directed all federal agencies to begin the implementation of policies and strategies for the regulation of crypto and other digital assets. Investors would benefit from the new legislation once it kicks into effect.
Expert has thrown their back toward the new law as they see it as a clear path to regulatory clarity the industry needs for massive institutional adoption, which would curb the volatility of the industry known for its notorious instability.