With the aim of exploring opportunities to deploy blockchain technologies to address public-serving and emerging needs in California, the Governor has signed an executive order encouraging bitcoin and other crypto businesses.
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According to a press release (read pdf below) from the governor’s office, California Governor Gavin Newsom issued an executive order (EO) today establishing the legal framework for companies working with bitcoin and other cryptocurrencies.
“GovOps shall explore opportunities to deploy blockchain technologies to address public-serving and emerging need,” according to the EO.
If the state wants to know if a company is a good fit for a specific vendor demand, it will examine each company’s specific use-cases and decide whether or not to accept vendors based on variables including environmental impact and relevance.
Members of the Governor’s Council for Postsecondary Education are expected to foster a research and innovation environment in cryptocurrency that will expose students to new prospects in the field. The purpose is to create a workforce pathway as well as opportunities for further education “to ensure a pipeline of talent.”
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The EO lists a number of objectives for the state in developing this regulatory framework, one of which is to create a consistent and transparent business environment for any businesses dealing with bitcoin or the broader cryptocurrency ecosystem.
The order calls on the Governor’s Office of Business and Economic Development (GO-Biz), the Business, Consumer Services and Housing Agency (BCSH), and the Department of Financial Protection and Innovation (DFPI) to establish a stakeholder feedback system . The coalition’s purpose is to bring state and federal regulatory agencies closer together.
These regulatory agencies will collaborate to collect information on how to operate properly in the space from a wide range of stakeholders, including businesses in and outside of California, lower-income communities unaffected by technological advancements, experts, venture capital firms, and others.
Under the supervision of federal guidelines, the DFPI will begin a public development process for complete regulation. The DFPI is scheduled to seek public input on regulation under California’s Consumer Financial Protection Law (CCFPL), as well as a voluntary solicitation of enterprises already operating in the field on their financial products. The governor is looking for open and transparent regulatory standards that will lead to new practices that will help the economy grow.
“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 Governor Newsom.
Read the executive order given below: