Gov. Gavin Newsom has signed an executive order for state agencies to move in tandem with the federal government to craft regulations for digital currencies.
SACRMENTO -- California, which would have the world's fifth-largest economy if it was a country, on Wednesday became the first U.S. state to formally begin examining how to broadly adapt to cryptocurrency and related innovations, following a path laid out by President Joe Biden in March.
"So there are a lot of opportunities," she said."There's also a lot of unknowns in the industry and so that's another reason we want to engage early." California has about 39 million residents and its economy is more than $3.1 trillion, larger on its own as a U.S. state than the United Kingdom and India. Newsom said his order is a step toward making it the nation's first state"to establish a comprehensive, thoughtful, and harmonized regulatory and business environment for crypto assets."
There is heavy disagreement about the legitimacy of cryptocurrency, even among some of the world's richest people. Elon Musk is an avid supporter of dogecoin while Warren Buffet recently said he wouldn't pay $25 for all of the world's bitcoin, the most popular cryptocurrency. Each bitcoin is currently valued at about $38,000.
California lawmakers are among many around the the U.S. who have offered related legislation. But a bill by Democratic Sen. Sydney Kamlager to allow California to accept crypto assets for state services failed in its first committee this year and a similar bill by Republican Assemblyman Jordan Cunningham is stalled.Despite the potential pitfalls of cryptocurrency, Newsom's order says California should take the lead in figuring out how to adapt to the technological evolution.
Newsom's order calls for the department to develop guidelines for disclosures by companies when they offer financial products and services related to cryptocurrencies. It will also provide guidelines for state-chartered banks and credit unions regarding crypto-related products.
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