The Governor of California, Gavin Newsom has signed an executive order in order to promote cryptocurrencies and Web3 innovation while still protecting consumers. Newsom hopes this will help to put California ahead of the crypto curve.
According to the press release from Newsom’s office, the main idea is to build and develop a transparent environment for Web3 firms. Anyhow, the state mentions that it is also aware of this industry’s potential downfalls. It wants the final rules to have values of equity, inclusivity, and environmental protection.
“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,” Governor Newsom said.
California has become the first state in the US to begin “creating a comprehensive and harmonized framework” for web3 technology to flourish. There are a total of seven rules that have been mentioned in the press release.
“Too often government lags behind technological advancements, so we’re getting ahead of the curve on this, laying the foundation to allow for consumers and business to thrive,” he added.
The government plays a crucial part in forming people’s opinions on Web 3 and Cryptocurrency. People like Governor Newsom have been a great influence on the government as well as on the general public for realizing crypto’s value. Just today crypto-keen JD Vance won the Ohio Senate primary election and crypto enthusiasts are eager to see what steps he will take to further promote crypto.
