California Governor Newsom Signs Executive Order on Crypto, Blockchain, and Web3

California Governor Gavin Newsom has signed an executive order on crypto and blockchain to create a comprehensive and harmonized framework for Web3 technology to thrive. “California is a global hub of innovation, and we’re setting up the state for success with this emerging technology,” said the governor.

The governor of the U.S. state of California, Gavin Newsom, signed an executive order Wednesday to “create a transparent and consistent business environment for companies operating in blockchain, including crypto assets and related financial technologies,” according to a notice published by the office of the governor.

The notice states:

California becomes the first state in the nation to begin creating a comprehensive and harmonized framework for responsible web3 technology to thrive.

Under Governor Newsom’s executive order, the state will also “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.”

The notice adds that the executive order “aims to create a pipeline of talent for the emerging industry and utilize the technology for public good.”

Governor Newsom commented: “California is a global hub of innovation, and we’re setting up the state for success with this emerging technology.” He opined:

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.

California’s executive order builds on President Joe Biden’s executive order on the regulation of crypto assets, which he signed in March.

What do you think about California issuing an executive order on crypto, blockchain, and Web3? Let us know in the comments section below.