This comes despite California Governor Gavin Newsom vetoing a cryptocurrency regulation bill earlier this month. But California official Dee Dee Myers said the state plans to continue developing new rules for cryptocurrencies and web3, and hopes the state’s regulations will serve as a model for other states.
The goal is to work with the federal government to ensure that California regulations do not conflict with federal regulations. Additionally, Myers said California will pay close attention to the environmental impact of regulating crypto mining.
Gayle Miller, principal deputy director of the California Department of Treasury, added that the vetoed bill would impose onerous restrictions on the growing crypto industry and risk stifling innovation. We want the industry to continue to expand here and we will do everything we can to continue building the crypto and web3 industries.