California Governor Gavin Newsom signed an executive order "aims to create a transparent regulatory and business environment for web3 companies," aka those that seek to operate within a new proposed worldwide web system based on blockchain technology, which would, in case it comes to use, include operations with cryptocurrencies and non-fungible tokens (NFTs).
According to the order, California will prioritize, among other things, creating "a transparent and consistent business environment for companies operating in blockchain, including crypto assets and related financial technologies," "a regulatory approach to crypto assets harmonized between federal and state authorities," and "a comprehensive regulatory approach."
"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," Newsom commented. "Too often government lags behind technological advancements, so we’re getting ahead of the curve on this, laying the foundation to allow for consumers and business to thrive."