Is California a crypto-friendly state?

With Newsom signing the executive order this week, California has officially taken the crypto-friendly state lead, moving toward developing regulatory guidelines and a blockchain framework to protect consumers and investors. Looking to start putting some of your savings into crypto?

Does California have a plan to regulate cryptocurrencies?

Under California’s plan, the order would align with the Biden administration’s proposal in March to examine the risks and benefits of cryptocurrencies. Some 37 states have pending legislation on cryptocurrencies and other digital assets, according to the National Conference of State Legislatures.

Is cryptocurrency legal tender in California?

In addition, a pair of bills in the California State Legislature would make cryptocurrency legal tender for government services. Both bills have been met with resistance and may not pass this session, but they do signal the changing views on integrating cryptocurrency and blockchain technology into California society. ©2023 Greenberg Traurig, LLP.

Should California take the lead in adapting to cryptocurrency?

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. His order builds on a July 2020 report by the California Blockchain Working Group, which examined the use of blockchain along with its risks and benefits.