The Governor of California, the largest state in the US, just issued an Executive Order for the state to issue a regulatory framework for companies that want to utilize cryptocurrency.
In this video I discuss how we now have the largest state in the US, along with the home of many of the mega tech companies, tossing its hat in the ring on the side of crypto. It is obvious California does not want to be left out of this gold rush either.
Here is the article mentioned in the video:
▶️ 3Speak
It's incredible for the state of California, it's just so amazing that even with the great critics in the US, each states are still finding a way to put crypto on a pedestal without wasting no time.
It is the point I was making. There are those at the Federal level who are trying to attack it but those at the state level who see opportunity.
Some states are not wanting to miss out. California is obviously one of them.
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Truth is, they'd always be there as there are those who are pushing for crypto.
Just hope they all come to an agreement and sort how crypto and fiat can work amicably but when would that be remains the big question, till then.
There is certainly a race on within the US among some of the different states seeking to set up their situation as strong. This is going to be an interesting race.
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The finish line is the decision maker
I wouldn’t trust you he communist system of California long term but definitely looks like good news.
California is the 14th State if my counting is right. I think Elizabeth Warren would be very unhappy with such a development. Soon, she will be in the minority. I anticipate that an increasing number of politicians will also change their tune.
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She’s in the same bed as the Governor of California. Politically I mean. I don’t trust the communists running California. Legislation would be much better. But looks good. I just wouldn’t trust the California government. It’s run by communists
I am not aware of that. Anyway, such a division among politicians is good for crypto. As taskmaster keeps saying, though the true Web 3.0 cannot be affected by such a political move, at least it might cause a delay either in regulation or making their own version of the digital coin, and that will be good.
Exactly! I’m a big supporter of podcasting 2.0. Censorship is the enemy.
I am actually happy with one report shared by a friend concerning the big drop in facebook's financial report. They say it's because of TikTok. I am not sure about it, but I would like to think that it was actually caused by an increasing number of users being fed up with the centralized and censorious character of Web 2.0.
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This news is excellent. I will be pushing to have cryptocurrency all over California. I am proud of Coinbase as well even though I hate them lol. I will be involved however I can. Someone tried to create an Engine token for San Diego. I want to take this a step further. I want the San Francisco Bay Area to be successful.
What I see about this action is that California sees an opportunity in crypto even when the federal is attacking crypto,it just the matter of time the federal will realize what they have been missing in crypto
I saw the news about California but will the companies want to come with the high taxes? Just look at Hollywood shooting movies outside of California to cut down costs. I just don't really see many crypto companies moving in if they weren't already in the state.
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California isn’t friendly to this at all. Much better off in Wyoming. California is run by communists.
It's great the State of California is becoming favorable to crypto. But you know what's even greater? That I finally can see your videos and moved past the Buffett and Munger time loop. :)
That is such a great move from Califoria being the biggest state, if I am correct. And I think I like the system of government run in the US giving more power to the states than the federal government being the sole administrator.
Summary:
In this video, the speaker discusses the recent executive order signed by the governor of California to establish a regulatory framework for companies operating in Bitcoin and other cryptocurrencies. He emphasizes the significance of this move, considering California's size, population, and economic importance, as well as its position as a hub for technology companies. The speaker explains how different states in the US have varied stances on cryptocurrency regulation due to their rights to set policies independently from the federal government. He contrasts the current administration's stance on crypto unfavorably with previous ones and highlights how states like California, Texas, and Florida are enacting pro-crypto measures. The speaker expresses optimism about California's pro-crypto stance and its potential impact on the industry, despite potential challenges in crafting regulations.
Detailed Article:
The speaker, in his latest video, delves into the recent development in the cryptocurrency sphere involving California’s governor signing an executive order to establish regulations for companies operating with Bitcoin and other cryptocurrencies. He draws attention to Governor Gavin Newsom's move, highlighting California’s significance as a state with a large population nearing 50 million and a robust economy, with Silicon Valley as a prominent tech epicenter.
The speaker underscores the historical backdrop of the United States' decentralized governance structure, where states hold authority over certain matters, including the regulation of cryptocurrencies. He contrasts the relatively crypto-unfriendly stances of recent presidential administrations, including Trump and Biden, with the encouraging actions taken by various states towards crypto regulation.
Furthermore, the speaker outlines a spectrum of state-level approaches to cryptocurrency, ranging from New York’s potential moratorium on proof-of-work mining to states like Georgia and Texas actively positioning themselves as crypto-mining proponents. He emphasizes California's alignment with states like Florida and Texas in adopting a pro-crypto stance through executive orders to foster a conducive regulatory environment for crypto businesses.
The speaker speculates on the implications of California's regulatory framework, noting potential areas of regulation like custody, taxation, licensing, and adherence to financial laws. He discusses the significance of California's move in the crypto landscape, especially in contrast with notable cryptocurrency skeptic Senator Elizabeth Warren from Massachusetts.
Moreover, the speaker articulates his belief that the standoffs and delays in regulatory developments can work in favor of the crypto industry, emphasizing that despite government involvement, the industry can progress independently. He reflects on the positive impact of states like California openly embracing crypto, viewing it as a pivotal moment for the industry's future growth.
In conclusion, the speaker sets a tone of optimism for the crypto industry, celebrating each state’s supportive crypto stance as a step forward in challenging regulatory hurdles and paving the way for continued innovation and development in the sector.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.