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California will create a comprehensive regulatory and legal framework to support the cryptocurrency industry, under an executive order signed last week by governor Gavin Newsom.
The order directs government agencies to structure a framework that fosters innovation, develops an infrastructure for research, creates jobs in the industry, finds ways to implement and expand crypto usage, and protects consumers.
Newsom’s order is modeled on president Joe Biden’s directive to federal agencies earlier this year to take similar steps.
Some states already have enacted laws or regulations that address some aspects of the crypto industry, although few, if any, are as comprehensive as California’s.
Ohio began accepting crypto for government services in 2018, but ended the program when few people used it.
Federal agencies have made initial steps toward regulation and oversight, but are struggling over turf issues and other details, as we have reported in “SEC Push to Regulate Crypto” (7 Dec 2021) and “CFTC Chief Seeks Authority to Regulate Crypto” (15 Feb 2022), among other stories.