Blog: California Gov. Newsom signs executive order to boost web3 innovation – Financial Regulation News – Financial Regulation News

Calif. Gov. Gavin Newsom signed an executive order this week that seeks to create a transparent regulatory and business environment for web3 companies – those that create decentralized blockchain online ecosystems.

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With this executive order, California will create a regulatory approach to spur responsible innovation while protecting consumers, assess how to deploy blockchain technology for state and public institutions, and build research and workforce development pathways to prepare Californians for success in this industry.

“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,” Newsom said. “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.”

Specifically, the executive order outlines several priorities. First, it will create a transparent and consistent business environment for companies operating in blockchain, including crypto assets and related financial technologies, that harmonizes federal and California laws, balances the benefits and risks to consumers, and incorporates California values such as equity, inclusivity, and environmental protection.

Also, it will collect feedback from a broad range of stakeholders, create a regulatory approach to crypto assets harmonized between federal and state authorities, explore and establish public-serving use cases, and build research and workforce pipelines.

In addition, it will explore opportunities to deploy blockchain technologies to address public-serving and emerging needs, working with the private sector, academia, and community to present pilots for innovative policies, programs, and solutions that demonstrate and showcase the potential of adopting blockchain technologies to respond to specific challenges identified by state agencies.

Finally, it will identify opportunities to create a research and workforce environment to power innovation in blockchain technology, including crypto assets. The goals include exposing students to emerging opportunities, powering emerging industries, and helping ensure economic benefits are experienced equitably.

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