California governor Gavin Newsom singled out blockchain and a few other emerging technologies in his state of the state speech this year and expressed his desire to help progress them and thus create more jobs.
In his speech, Newsom said:
“California needs a comprehensive statewide strategy to uplift and upskill our workers, to ensure technological advancements in AI, blockchain, big data, are creating jobs, not destroying them, and to reform our institutions so that more workers have an ownership stake in their sweat equity.”
The speech aired on Tuesday this week offers more investment and focus on blockchain technology from the state government, something that has not achieved much success in California despite the position of the state as a global tech hub. Silicon Valley, the center of innovation and innovation in the IT sector, is in this state but will need more support from the government before becoming one of the top blockchain promoting areas in the world.
Governor Newsom himself is one of the most progressive leaders at the state level when it comes to cryptocurrencies and blockchain as he started accepting Bitcoin donations as early as 2014. But, at the same time, Newsom has proactive positions on the protection of big data and consumer privacy and giving workers ownership stakes in companies. While these positions aren’t exactly anti-crypto, they do present several challenges to the blockchain sector that need to be overcome.
Newsom has outlined several new moves to help progress blockchain in the state. However, the SEC’s indecisiveness and other issues out of his control will also affect the performance of this sector which isn’t in his control.
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