The Governor of California signed a decree creating a regulatory framework for cryptocurrency companies, as well as introducing blockchain and digital assets into the work of government departments.
As stated in a press release from the governor's office, one of the top priorities in developing regulation should be to "explore opportunities to deploy blockchain-based technologies to address existing public needs and future challenges." The document builds on US President Joseph Biden's executive order from early March, which requires Biden to coordinate efforts to study the implications of integrating cryptocurrencies into the country's financial system.
In his order, California Governor Gavin Newsom asks the state's Office of Business and Economic Development to coordinate with the Agency for Business, Consumer Services and Housing, as well as the Department of Financial Protection and Innovation. Agencies must provide recommendations within 60 days on how cryptocurrencies should be regulated in California.
Regulation should “create a regulatory approach to crypto assets that is consistent across federal and state departments.” At the same time, recommendations should take into account “energy priorities, climate issues and crime prevention.” The Governor is also calling for research into ways to integrate blockchain into California operations, and agencies are encouraged to work closely with private companies on this effort.
The Commerce and Consumer Protection Committee and the Hawaii Ways and Means Committee previously approved the creation of a specialized task force to study and regulate digital currencies.
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