California Governor Signs Blockchain Executive Order: Order Aims to Foster Innovation, Protect Consumers and Create a Transparent Regulatory and Business Environment

Sullivan & Cromwell LLP - May 10, 2022
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On May 4, California Governor Gavin Newson signed an executive order that is intended “to foster responsible innovation, bolster California’s innovation economy, and protect consumers” and “create a transparent regulatory and business environment for web3 companies which harmonizes federal and California approaches, balances the benefits and risks to consumers, and incorporates California values such as equity, inclusivity, and environmental protection.”  The executive order outlines several priorities to advance these aims.  The executive order indicates that supporting blockchain technologies and crypto-related assets, in connection with other policy concerns, such as consumer protection, and aligning with the federal government’s approach to digital asset regulation, is a key focus for California.

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