California proposes regulatory framework for cryptocurrencies
The governor of the state of California authorized the creation of a comprehensive regulatory framework for cryptocurrencies that allows the growth of the crypto market
Gavin Newsom, the governor of the state of California, authorized the creation of a comprehensive framework that allows the regulation of cryptocurrencies with the aim of boosting the crypto market in the state and in that region of the United States.
The executive order signed by the governor also established some priorities “that encompass the presence of crypto assets and blockchains within the state and the lives of citizens”.
Among the key priorities established are: “protect the interests of the United States, protect global financial stability, prevent illicit use, promote responsible innovation, financial inclusion and American leadership”.
On the other hand, the statement also emphasizes building avenues for “research and workforce development to prepare Californians for success in this industry”.
According to Newsom, the Californian State is a world center of innovation and the authorities are taking measures to prepare and adapt to the new technology of blocks, protecting consumers and using the technology for the common good.
California stimulates a business environment for crypto assets
With the executive order, the Governor of California is proposing the creation of a “commercial environment” for all companies that manage blockchains, which encompasses crypto assets and related financial technologies. It includes a balanced evaluation of the advantages and disadvantages for both consumers and investors is carried out and incorporates State values such as equity, inclusion and protection of the environment.
In the first place, the governor hopes to receive suggestions so that the regulation of cryptocurrencies is in accordance with the federal and state regulations of the United States.
Newsom’s proposal is based on the actions carried out by President Joe Biden, which aims to offer “regulatory clarity to Bitcoin and crypto assets”.
The President’s rule establishes that federal agencies must evaluate the risks and opportunities that cryptocurrencies represent for the “national security of the United States and its impact on the economy of the nation”.
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