California Governor Signs Executive Order To Spur Crypto Industry In the State (coindesk.com) 30
An anonymous reader quotes a report from CoinDesk: California Governor Gavin Newsom signed an executive order on Wednesday to "create a transparent regulatory and business environment for Web 3 companies" in the state, according to a press release. Under the order, as well as the California Consumer Financial Protection Law passed in 2020, the state will create a "transparent and consistent business environment" for blockchain-related companies, including crypto asset projects and those of related financial technologies. California will also collect stakeholder feedback to create crypto asset regulations in conjunction with federal authorities, assess the use of blockchain technologies for state and public institutions, and create paths for blockchain-related research and work development programs.
On the regulation front, California plans to coordinate with Washington, D.C., for advice based on the crypto federal executive order that President Joe Biden signed in March. "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 said in a statement. "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." In late 2020, Newsom restructured the California department responsible for regulating financial services to also supervise the growing crypto industry.
On the regulation front, California plans to coordinate with Washington, D.C., for advice based on the crypto federal executive order that President Joe Biden signed in March. "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 said in a statement. "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." In late 2020, Newsom restructured the California department responsible for regulating financial services to also supervise the growing crypto industry.
just what they need (Score:4, Insightful)
just what they need, more power usage.
Re:just what they need (Score:5, Insightful)
Re: just what they need (Score:2)
There's always that power from Diablo Canyon [slashdot.org].
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Innovation (Score:2)
Yeah, it's the innovation in illegal IPOs, sorry, ICOs.
I thought California was all about the environment (Score:2)
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They just broke a record for powering the state from renewable energy.
https://www.usatoday.com/story... [usatoday.com]
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Big fucking deal. They got nearly 100% of their electricity from renewable energy on a sunny Saturday afternoon. I'll be impressed when they can do that every day, every hour, every minute, for an entire week.
As it turns out California gets 20% of it's electricity, with very low CO2 emissions by the way, from nuclear fission and hydro.
https://en.wikipedia.org/wiki/... [wikipedia.org]
It turns out that California gets a large portion of its electricity from natural gas. California is going to get even more electricity fro
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Money, baby.
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Reread the press release. They just said they plan to regulate it. The stuff about "responsible innovation, protecting consumers and leveraging this technology for the public good" does not sound like "we plan to encourage massive Bitcoin mining".
regulate it = kill it (Score:3)
Excellent. There is no way any kind of actually meaningful regulation will leave the current criminal mess alive.
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Fingers crossed. And toes, forcefully but they count, too.
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And you are totally not paid by them to distribute this sort of advertising crap around, right?
Web3 is not cryptocurrency (Score:3)
Anyone who equates web3 with cryptocurrency is trying to take your money or is a useful idiot for those who want to take your money.
Web3 is about decentralization and data ownership. If and only if you choose to monetize your personal data does cryptocurrency become relevant and useful as a platform for micro-transactions. Any other use of web3 technologies, like WebID and SOLID, has absolutely nothing to do with cryptocurrency.
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Web3 is about decentralization and data ownership
Wait until you hear what a blockchain is and how it works
Re: Web3 is not cryptocurrency (Score:2)
HIPAA is also about decentralization and data ownership, but no one is suggesting we build the next web paradigm based on HIPAA.
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web3 is about internet adoption of blockchain technologies, nothing more, nothing less.
"Cryptocurrency" is using blockchain for payments and value stores. NFTs are the major use case of blockchain for something else, such as art or gaming use cases. There are other use cases for blockchain besides these two, but they are small today. But certainly the "main" use case for web3 is cryptocurrency.
Re: Web3 is not cryptocurrency (Score:2)
No, it isn't. That's just a prominent niche that wants to hijack Berners-Lee's design.
Sorry for the paywall, but NYT is the paper of record. It's an article talking about Web 3.0 from 2006, a few years before blockchain technology was invented.
https://www.nytimes.com/2006/1... [nytimes.com]
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That's all ya gotta know (Score:1)
Newsom is a narcissistic tyrannical asshole. He's only interested in doing things that enrich himself, those around him, and/or his party. Fuck everyone else. And the morons here keep voting for him and those like him.
Whenever a politician talks about screwing with your money, beware. You're the one who is about to take a screwing.
JFC (Score:2)
Starting this month in California, I have to sort my food waste into a green bin (was yard waste, now its compost) or theoretically get a fine. All to keep food waste from decomposing in a land fill and adding to CO2 problems.
California should be arresting anyone mining crypto, not attracting an industry of planet destroying con artists.
P.S. Newsom needs to leave ASAP, but he's going to get reelected on his abortion law alone. Democrats dropped the ball repeatedly for 50 years on the federal level, and turn
California needs nuclear fission power. (Score:1)
California cannot meet their energy needs without nuclear power. If by some miracle they end up chasing out all nuclear power plants from the state then they will just end up buying electricity from nuclear power plants in neighboring states.
Maybe California will claim they buy only electricity produced by wind, water, and sun but that is an accounting trick they can perform by having someone else get electricity from 100% natural gas and coal.
California now wants to bring an electricity hog like cryptocur
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Newsom has already discuss the possibility of keeping Diablo Canyon Nuclear Power Plant operating beyond a planned closing by 2025.
Letters of Marque (Score:2)
But this development is actually a good thing.
Back in the day, Letters of Marque were issued to pirate ships, turning them into Privateers, essentially legitimizing them.
The pirates initially thought this was great; no more being hunted as criminals! They could still plunder, now with impugnity, and only have t
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