California mayor Gavin Newsom recently spoke about blockchain during his State of the State Speech. Gavin expressed his desire to help progress blockchain technology with the hope of creating more jobs.
The speech aired on Tuesday this week offers more investment and focus on blockchain technology from the state government, which has not achieved much success in California despite the state’s position 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 is one of the most progressive leaders at the state level regarding cryptocurrencies and blockchain, as he started accepting Bitcoin donations as early as 2014. But, at the same time, Newsom has proactive positions on protecting big data and consumer privacy and giving workers ownership stakes in companies. While these positions aren’t exactly anti-crypto, they present several challenges to the blockchain sector that must be overcome.
Gavin did lay out some plans to advance blockchain technology. Still, he also mentioned that the SEC’s indecisiveness and other issues out of his control would also affect the performance of this sector which isn’t in his control.
Regardless, this is still a big stepping stone for California and the blockchain market.