Tech investors and businesses in California have been betting on crypto for well over a decade. Now, the governor of the U.S. state with the largest economy is joining the party.
California Gov. Gavin Newsom issued an executive order Wednesday on cryptocurrencies, laying out a road map for regulatory and consumer protections and examining ways the state can take advantage of blockchain technologies and digital assets.
"Of the 800 blockchain businesses in North America, about a quarter of them are in California, dramatically more than any other state," Dee Dee Myers, senior advisor to Newsom and director of the Governor's Office of Business and Economic Development, told CNBC. "We've heard from so many that they want to be here, and we want to help them do that responsibly."
Newsom is directing the state's business and economic development office to work in collaboration with California's Business, Consumer Services and Housing Agency and the Department of Financial Protection and Innovation.
The order is designed to "create a transparent and consistent business environment for companies operating in blockchain, including crypto assets and related financial technologies, that harmonizes federal and California laws, balances the benefits and risks to consumers, and incorporates California values, such as equity, inclusivity, and environmental protection."
