Gavin Newsom signed an executive order that lays the groundwork for bolstering and regulating the cryptocurrency industry in the state. Newsom’s goal is to create a transparent and consistent business environment for companies operating in blockchain.

The order calls on the California governor’s office of business and economic development to collaborate with the state’s Department of financial protection and innovation. Together, the state agencies are tasked with devising’potential blockchain applications and Ventures’.

The dfpi orders the dfpi to shape a regulatory approach to cryptocurrency, create consumer protections, as well as produce educational materials that inform California’s residents about both the risks and benefits associated with crypto.

‘we’re getting ahead of the curve on this, laying the foundation to allow for consumers and business to thrive,’ Newsom said in a statement.

Newsom’s plan aligns with the executive order President Joe Biden signed in March, serving as the White House’s framework for future cryptocurrency regulation. No regulatory measures have been rolled out just yet, but the plans are in place to do so.

The # California executive order rightly recognizes the role # blockchain technologies play in spurring job growth and economic competitiveness for the state, but also the national economy.

Kristin Smith, the executive director of the blockchain Association, welcomed Newsom’s executive order. She added that the industry is looking forward to collaboration with the government.