California Governor Gavin Newsom has initiated the creation of a task force that includes representatives from the crypto industry to improve the efficiency of public services.
Formation of the Task Force
The task force, named California Breakthrough Project, includes executives from companies such as Ripple, Coinbase, and MoonPay. Its goal is to provide advice and promote improvements in public services. The inaugural meeting took place on June 6 at Ripple's headquarters in San Francisco.
Blockchain in California
While the specific details regarding how blockchain will support the project's mission were not disclosed, California is home to hundreds of blockchain companies that can contribute to fostering innovation and transparency in public services. According to the California Business, Consumer Services and Housing Agency, almost a quarter of the approximately 800 blockchain companies in North America are based in the state.
Cryptocurrency Regulation in the U.S.
The launch of the task force comes amid rising regulatory momentum for digital assets in the U.S., with legislation on stablecoins and market structure being developed. Newsom’s announcement coincided with U.S. Crypto Week, during which the House of Representatives is set to debate several crypto-related bills.
Governor Newsom's initiative may lead to closer collaboration between the government and the industry, promoting more efficient and transparent public services.
