California Gov. Gavin Newsom has signed an executive order regulating the use and innovation of cryptocurrencies and Web3 technologies in the Golden State. According to a press release, the order was signed to encourage responsible innovation, enhance California's innovation economy, safeguard consumers while also creating a clear regulatory and business climate for web3 enterprises throughout the state.

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Governor Newsom said,

“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”. 

An outline of a road map for cryptocurrency and Web3 rules in the state was also included in the executive order. According to the proposal, California will be able to take benefit of the rapidly growing blockchain technology, which has recently exceeded a $3 trillion market capitalization.
<h3>Crypto Regulation in California</h3>
State governments in the United States are beginning to rethink their positions on cryptocurrency and Web3, with <a href="https://www.cryptoknowmics.com/news/fort-worth-texas-becomes-first-us-city-to-mine-bitcoin/">Fort Worth, Texas</a> recently becoming the first city government in the country to mine bitcoin. With the signing of this executive order, California became the first state government in the nation to begin developing a 'comprehensive and harmonized framework' for the development of responsible web3 technology.

Newsom has been taking steps to regulate cryptocurrency in California for some time now. In 2020, the governor signed a new law (the Consumer Financial Protection Law), which provides the state's financial regulator with new tools to regulate cryptocurrency trading and transactions. The new order will work hand-in-hand with the law to create regulations advancing responsible web3 innovation.

California Governor Signs New Executive Order On Cryptocurrencies

California governor signs executive order regulating the use and innovation of cryptocurrencies and Web3 technologies in the state

Kay is a content specialist who has a particular interest in the finance and cryptocurrency industries, among others. He is a frequent contributor to a number of finance and cryptocurrency-related websites, where he offers readers with informative and educational articles on the cryptocurrency and financial markets. Aside from that, he is an avid supporter of blockchain technology.

California Governor Signs New Executive Order On Cryptocurrencies

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