California Issues A Crypto Executive Order As Competition For Crypto Capital In The United States Heats Up.

California, the world’s fifth-largest economy is attempting to establish itself as a digital asset center.

The state famed for its engineering superiority and a massive economy is warming to digital assets — and the need to control them explicitly.

Newsom’s office said in a statement that the governor issued an executive order on Wednesday aimed at setting regulatory parameters for the digital asset business that safeguard investors while stimulating innovation.

 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. 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.”

According to Newsom, the executive order builds on President Biden’s previous actions to provide regulatory clarity to the new asset class, with the goal of putting California ahead of the federal policy curve.

Newsom’s move comes as mayors in New York and Miami work to implement crypto-friendly rules that may make their cities the country’s crypto capital.

It’s a “big win,” according to Denelle Dixon, CEO of the Stellar Development Foundation, to see California take blockchain rule-making seriously, especially when it comes to job development.

Dixon said:

“Best known as the home of Web2, the governor’s call today was a move toward a Web3 future,” 

According to the statement, California officials are entrusted with gathering comments from industry participants as well as the general public under the executive order. Lawmakers will also look into how blockchain technology might be applied to public — and policy — needs.

Meanwhile, New York is considering a measure that would prohibit proof-of-work mining, such as bitcoin mining. Illinois lawmakers have submitted legislation to allow the state’s revenue department to accept cryptocurrency payments, while Colorado’s governor is pushing for cryptocurrency tax payments.

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