California governor signs executive order shaping cryptocurrency regulation in the state

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The governor of California signed an executive order on Wednesday that lays the groundwork for bolstering and regulating the industry in the state. To create a transparent and consistent business environment for companies that are operating in the field of the internet of things, is the goal of the executive order.

The California Governor's Office of Business and Economic Development is called upon to work with the state's Department of Financial Protection and Innovation and Business, Consumer Services and Housing Agency. The state agencies are tasked with coming up with potential applications and ventures that could include applications in the private sector, academia, and community.

It also orders the DFPI to create consumer protections, as well as produce educational materials that inform California's residents about both the risks and benefits of cryptocurrencies. The materials will include information about how to avoid scam and frauds, which is one of the major concerns aboutcryptocurrencies.

"Too often government lags behind technological advancements so we are getting ahead of the curve, laying the foundation to allow for consumers and business to thrive."

President Joe Biden signed an executive order in March that served as the White House's framework for future cryptocurrencies regulation. It's too early to tell how the order will affect the industry, but the plans are in place to do so.

The executive director of the Blockchain Association welcomed the executive order. She said that the industry is looking forward to collaborating with the government on commonsense rules for industry to allow California and the US to lead in innovation.

The Chamber of Digital Commerce said that the order recognizes the role that the technologies play in spurring job growth and economic competitiveness for the state, but also the national economy.