Ripple Co-founder Supports California Governor’s Executive Order For CryptoMay 7, 2022 2:16 pm
California Governor Gavin Newsom just a new executive order for crypto which focuses on providing clear guidelines on how to regulate the growing industry.
The aim of the order was to create a regulatory environment that allows for the growth of crypto businesses while being able to provide investor protection.
The long term goal is to make California a future crypto hub which will facilitate the growth of crypto talent and innovation within the country.
Trending: President Trump Calls Out Gary Gensler!
Ripple co-founder Chris Larsen praised the governor’s recent move and commented that Ripple’s company vision is also completely aligned with this new executive order.
This executive order by the Californian governor also follows President Joe Biden’s executive order which was also well-received by the crypto community.
— U.Today (@Utoday_en) May 5, 2022
California is America’s biggest economy with a $3.4 trillion gross state product (GSP). If it were a sovereign nation, it would be the world’s fifth-largest economy (ahead of the U.K.).
After thriving off of the tech boom, California has become home to some of the most influential cryptocurrency companies, including cryptocurrency exchange Coinbase.
As reported by U.Today, Ripple made a decision to keep its global headquarters in San Francisco last March after previously contemplating moving to the U.K., the UAE, and other crypto-friendly jurisdictions.
The blockchain company is being sued by U.S. Securities and Exchange Commission for allegedly selling unregistered securities in the form of XRP tokens.
Ripple CEO Brad Garlinghouse has repeatedly criticized the U.S.’s approach to cryptocurrency regulation, warning that it could become less attractive for crypto businesses.
Besides creating a favorable environment for the crypto industry to grow, it will also help establish a roadmap from a regulatory perspective that is transparent and easy to understand.
It even may potential explore how the state itself can take advantage of the blockchain technology as well.
Therefore, it is no surprise that when it comes to blockchain and crypto-related businesses within the United States, around 25% are actually located in California.
The state also understands that importance and is working on doing what it can so that it continues to be a favorite for blockchain businesses.
To do so, it will be seeking consulting advice from industry leaders and critics in order to determine the best approach.
CA State issued regulatory plan is firmly in line with POTUS EO from earlier this year.
✅ “Of the 800 blockchain businesses in North America, about a quarter of them are in California” #Ripple https://t.co/jK19kXJZLX
— ledgr. | Blockchain Consulting (@ledgrconsulting) May 4, 2022
“The opportunities are almost endless. We can do things like remove middlemen from transactions involving real estate or even automobiles.
We can use it to protect people’s identity and provide benefits to people through government services.
If we’re selling carbon offsets, we can make sure the same forest isn’t being sold twice and that there’s some record that’s transparent.
Lastly, he added that California will take all necessary measures to eliminate bad actors from the market. Thus, they will “make sure there are enforceable and clear guidelines to protect everybody”.
As of right now, Ripple’s global headquarters is still located in San Francisco despite the company contemplating on moving to other crypto-friendly jurisdictions.
Hopefully, the regulatory environment will change for the better on the federal level as well.
California Governor just passed an Executive Order on pro-crypto. Ripple HQ in SF, CA.
— WEN MOON 🚀 (@crypto_rico2018) May 4, 2022
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.