The midterms that have just been concluded in the United States have seen the largest state in the country elect a governor who is pro-Bitcoin. Gavin Newsom, who has been elected in the state of California is pro-Bitcoin and accepted Bitcoin for his campaign contributions. Generally, Newsom has a record of being pro-technology and believes that the operations of the government should be entirely digitalized.
Opening The Coffers To BTC
The California gubernatorial election means a lot to the residents of that region and nationwide. Gavin Newsom being elected as the governor of California means one of the most influential persons in a state that has the largest technological improvement as California is friendly to the cause of cryptocurrency, especially Bitcoin. It is a fact that the state of California, especially the northern part hosts some of the largest financial and technological innovation firms in the entire world. Coinbase, which has its headquarters in San Francisco will definitely be happy to have a pro-Bitcoin governor in office. It can be remembered that the proposal of the California BitLicense was not able to have its day in the legislature and was thrown away in January. But now with a Bitcoin governor in office, it would be a bit harder to have the restrictive bills signed into law.
How This Will Change California
For the development and growth of a crypto economy, what is crucial is the freedom to participate and innovate. Whereas a number of states in the US may be focused on banning the activities of cryptocurrency exchanges and other kinds of cryptocurrency activities and collecting fees, the state of California is still free from some of the excessively restrictive legislation like the BitLicense witnessed in the United States.
In Other News
But it is not only in California where the residents voted in a Bitcoiner in the office of the governor; it also happened in Colorado. Jared Polis, who garnered the most votes cast to clinch the governor’s seat for Colorado has been pro-Bitcoin. He has always talked about blockchain, and also pushed the idea of making Colorado a safe harbor for companies that operate in cryptos such as Bitcoin. He stated that he will work alongside the legislature to come up with a safe harbor that would exempt cryptos from the laws of state money transmission.
He strongly believes that these moves would be able to attract innovative firms and allow them to operate freely without having the licensing requirements. While these ideas are bold, they will definitely put Colorado on the world map for fostering innovative technology, as well as experimenting the best ways of implementing safeguards.
The first representative in the United States that ever accepted Bitcoin for campaign contribution was Jared Polis, the current governor of Colorado. Back then, he was in the congress. But he didn’t spend a long time there before going for the governor’s seat, which he won in the recently concluded midterms. His election and that of Gavin Newsom of California has proved that the crypto market is still here to stay.