Ripple Co-Founder Praises California Governor’s Executive Order on Crypto

Alex Dovbnya

Chris Larsen, co-founder of Ripple, praised California’s efforts to update US financial regulations

In a recent tweetChris Larsen, co-founder of Ripple, praised the California government Gavin Newsom for issuing an executive order over crypto.

Newsom’s executive order outlines the state’s plan for regulating the nascent industry, CNBC reports. The aim is to create a favorable business environment for the cryptocurrency sector while protecting investors.

Larsen predicts California will eventually become a “global hub” for crypto talent and innovation by providing regulatory clarity.

OpenSea CEO Devin Finzer also praised Newsom for recognizing Web3’s potential for Californians.

Finzer says the company is committed to welcoming more people into crypto.

As reported by U.Today, President Joe Biden issued his executive order over crypto in March. Its content has been widely acclaimed throughout the cryptocurrency industry.

California is America’s largest economy with a gross state product (GSP) of $3.4 trillion. If it were a sovereign nation, it would be the fifth largest economy in the world (before the UK).

Having survived the tech boom, California has become home to some of the most influential cryptocurrency companies, including cryptocurrency exchange Coinbase.

As reported by U.Today, Ripple decided to keep its global headquarters in San Francisco last March, having previously considered moving to the UK, UAE and other crypto-friendly jurisdictions. The blockchain company is being sued by the US Securities and Exchange Commission for allegedly selling unregistered securities in the form of XRP tokens.

Ripple CEO Brad Garlinghouse has repeatedly criticized the US approach to cryptocurrency regulation and warned it could become less attractive to crypto firms.

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