California Governor Gavin Newsom signed an executive order on May 4 that aims to make the state more friendly to the use of blockchain technology.
The order, the governor’s office said, kicks off a process to create a state regulatory approach to push “responsible innovation” with the technology, evaluate deploying blockchain tech for state and public institutions, and build “research and workforce development pathways to prepare Californians for success in this industry.”
“California is a global hub of innovation, and we’re setting up the state for success with this emerging technology – spurring responsible innovation, protecting consumers, and leveraging this technology for the public good,” the governor said.
The governor’s order follows President Biden’s executive order signed in March that takes a broad look at addressing the risks and benefits of digital assets including cryptocurrencies, and their underlying technologies including blockchain. The order encourages Federal regulators to provide oversight of those assets to guard against systemic financial risks that they might impose, along with studying methods for “responsible innovation” with digital assets.
The California order features seven priorities to assess blockchain technologies. Among the work that will spring from those priorities are:
- Collecting information from different stakeholders and figuring out how to best institute changes and blockchain technologies for “communities that have historically benefited less from technology-driven economic growth”;
- Gathering information from technical experts, entrepreneurs and others involved in blockchain and cryptocurrency industries; and
- Exploring how blockchain technologies can be used to “address public-serving and emerging needs.” That will include looking at how blockchain technology can be used to allow student to be exposed to emerging technologies as well participate in the sectors growth.
The Chamber of Digital Commerce in California voiced support for the order, stating that “the California executive order rightly recognizes the role blockchain technologies play in spurring job growth and economic competitiveness for the state.”