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- The State Official of California is planning to form new rules for crypto.
- The new regulations will serve as a model for other states.
California is planning to develop a crypto and web3 regulatory authorities that can be represented as a model for other states to adopt, with a centering crypto mining operations.
Crypto Regulation in California
On September 23, 2022 the Governor of California, Gavin Newsom released a veto of a state crypto licensing bill that free-up his administration to create its own regulations. The following information is stated by the Director of the Governor’s Office of Business and Economic Development, Dee Dee Myers. She said “The bill created a regulatory regime in a very narrow lane. We told the Assembly to try again and to work with [California] government agencies to get it right.”
While on September 24, 2022 Myers retweeted Chris Lehane’s Tweet who is an American Political Consultant.
The order directs to give more clarity and flexibility for the crypto industry, while holding the consumer protections in the vetoed Assembly bill, Myers argued.
As Myers stated in an interview at Circle’s Converge22 conference in San Francisco that the plan is to work in “tandem with the federal government,” to assure that there is no open clash between California’s Regulations and the Federal’s Government’s.
She further said “We are hoping the federal government leads on regulations. We have to go fast, but we have to be careful. We need to measure twice and cut once.”
Gayle Miller, chief deputy director of the state Department of Finance further said that this bill would have set strict restrictions on the growth of the crypto industry, at the risk of stifling innovation. She stated “We want the industry to continue to expand here, and we’ll do what it takes to continue to build [the crypto and web3 industries].”
Later, Myers also added “Everybody thinks it’s important to have a clear set of guidelines.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
