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.
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.
The executive order directs the California Governor's Office of Business and Economic Development (GO-Biz) to work with the state's Department of Financial Protection and Innovation (DFPI) and the Business, Consumer Services, and Housing Agency to improve the state's business climate (BCSH).
The state agencies have been given the duty of developing "possible blockchain applications and enterprises," which might include applications in the "private sector, academia, and community."
According to the statement, California officials are entrusted with gathering comments from industry players 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 — demands.
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