California Gears Up to Embrace Crypto with Executive Order by Governor Newsom

By: Sharjeel Sohaib


May 10, 2022


Crypto executive order by Governor

Utilize Our Platform

On Wednesday, May 4th, 2022, Governor Gavin Newsom signed an executive order laying down the basis for the state’s cryptocurrency economy to be bolstered and regulated. As stated in the executive order, Newsom’s goal is to create a clear and uniform business environment for blockchain enterprises that balances the rewards and dangers to consumers.

We Covered this in our Weekly Wire Roundup

California Gears Up To Embrace Crypto With Executive Order By Governor Newsom

What Does the Executive Order state?

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 assigned to develop “possible blockchain applications and enterprises,” which might include applications in the “private sector, academia, and community.”

It also directs the DFPI to develop a regulatory approach for Bitcoin, provide consumer protections, and create educational materials that enlighten California consumers about the risks and benefits of cryptocurrencies. 

“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,” 

Said Newsom

7 Core Goals of the Executive Order

 The executive order specifies seven objectives:

  1. Harmonize federal and California regulations while incorporating California principles like equity, inclusion, and environmental protection to provide a transparent and consistent environment for blockchain technology enterprises.
  1. Collect feedback from stakeholders and develop a regulatory strategy by exploring and establishing public-serving use cases (such as implementing blockchain technologies into state operations) and developing research and workforce pipelines.
  1. Engage technical experts and other stakeholders interested in tackling injustices and the environmental impact of blockchain technology to gather feedback from stakeholders for future blockchain applications and initiatives.
  1. Create consumer protections and consolidate California’s place as the best worldwide destination for ethical crypto-asset enterprises to start and expand by engaging in a public process and developing a thorough regulatory strategy.
  1. Encourage regulatory clarity by working closely with the federal agencies required by Biden’s executive order to clarify their plans.
  1. Work with the commercial sector, academics, and community organizers and representatives to offer pilots for novel policies, initiatives, and solutions that illustrate and showcase the potential of using blockchain technologies to address specific concerns.
  1. Identify research prospects by introducing students to emerging opportunities in blockchain technology, such as crypto assets, to drive innovation and burgeoning fuel companies, and ensure that economic gains are distributed fairly.

Newsom’s Executive Order: The Rise of the Blockchain Technology

As the world’s fifth-largest economy, Newsom’s executive order is paving the way for California to become a global leader in blockchain technology innovation. California-based crypto businesses should be aware that the state is increasingly likely to implement a registration and licensing scheme akin to New York’s Bitlicense.


Submit a Comment

Connecting you with the best startups, people & events in the Inland Empire.

Support Startup News & Media!

Enjoying the startup news & media? Support us!

We have big plans, and we need your help!

Startempire Wire is a community of people working together to promote innovation, entrepreneurship, and investment in the Inland Empire. We provide resources and connect people with the startup culture.

We believe that the Inland Empire has all of the ingredients for success. This region just needs a platform to show the world what it can do – And this is exactly what is doing. Our goal is to act as a megaphone to connect the dots between the best startups, events, and people in the Inland Empire.

We have big plans, and we need your help! If you are passionate about creating a thriving local startup ecosystem, then we would like to invite you to join in contributing to the community by supporting us. You can do that by supporting us financially or by being an active contributor. In return, we will give you (depending on sponsorship level) free access to our content, other level based perks &Β  the opportunity to connect with a network of passionate people working to build a better future for all of us.

We cover the good and the bad of entrepreneurship, startups & business events; we do it with passion and purpose. If you like what we do, support us & please consider becoming a patron. Your support is essential for independent local startup media to survive & thrive.

You can make a regular one time donation to become a sponsor at any level, or you can choose to become a monthly or event sponsor.Β  Every little bit counts! Thank You

Verious B. Smith III

Founder, Startempire Wire

Related Articles

Economic Growth in the Inland Empire: The IECE and Beyond

Economic Growth in the Inland Empire: The IECE and Beyond

The Inland Empire Center for Entrepreneurship (IECE) at California State University, San Bernardino (CSUSB), published its 2022 Impact Report. We look at the economic impact of IECE and what other organizations have done to drive economic growth in the Inland Empire...

Stay Up On Startempire News

Access Premium Content

Startempire Wire premium content access is free during the beta period of ourΒ  website.Β  Join during beta and get a grandfathered discount when we launch.

$5 for first month then $15 per month

Get Every Update

Would you like to receive Startempire Wire updates in your inbox? Subscribe below!

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Follow Us

Follow Startempire Wire on other social media channels.

My cart
Your cart is empty.

Looks like you haven't made a choice yet.