On March 9, 2022, President Joe Biden issued the “Executive Order on Ensuring Responsible Development of Digital Assets” (the “Biden Order”), and shortly after, on May 4, 2022, California Governor Gavin Newsom issued “Executive Order N-9-22” (the “Newsom Order”, and together with the Biden Order, the “Orders”), addressing California’s approach to blockchain technology and crypto assets. Both Orders, while recognizing the need for consumer and investor protection, emphasize the goal of ensuring America and California are welcoming to blockchain technology and the potential economic gains that it may foster.
