​California wants to model crypto rules for the rest of the U. | Crypto Sale

​California wants to model crypto rules for the rest of the U.S.

Much as it did in the 1960s for automobile emissions, California wants to develop a crypto and web3 regulatory regime that could be a model for other states to adopt, with a particular eye toward crypto mining operations.

Gov. Gavin Newsom’s veto of a state crypto licensing bill earlier this month frees up his administration to create its own regulations, said Dee Dee Myers, director of the Governor’s Office of Business and Economic Development. The vetoed bill proposed that digital assets firm in the state apply for a license to operate.

“The bill created a regulatory regime in a very narrow lane,” she said, adding, “We told the Assembly to try again and to work with [California] government agencies to get it right.”

Instead, the Newsom administration is basing its own regulatory work on an executive order the governor issued in May. The order aims to provide more clarity and flexibility for the crypto industry, while retaining the consumer protections in the vetoed Assembly bill, Myers argued.

The goal is to work in “tandem with the federal government,” to ensure that there is no conflict between California’s regulations and the federal government’s, Myers said in an interview at Circle's Converge22 conference in San Francisco.

“We are hoping the federal government leads on regulations," adding, “We have to go fast, but we have to be careful,” she said of the Newsom administration plans. “We need to measure twice and cut once.”