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The California Breakthrough Project held its first meeting at Ripple’s San Francisco headquarters, according to journalist Eleanor Terrett.
California Governor Gavin Newsom has launched a new government efficiency task force that includes representatives from various crypto firms, potentially signaling the state’s recognition that blockchain technology could enhance public services.
The task force, dubbed California Breakthrough Project, has tapped executives from Ripple, Coinbase, MoonPay and others to “advise and advance government efficiency and collaboration,” journalist Eleanor Terrett reported Tuesday.
According to Terrett, the task force held its inaugural meeting at Ripple’s San Francisco headquarters on June 6. It aims to foster collaboration between California regulators and industry leaders across the technology and business sectors, address government inefficiencies and boost transparency around public services.
Source: Eleanor TerrettThe project was confirmed by Governor Newsom, who issued the following statement:
“As the birthplace of modern tech, our state is uniquely positioned to bring the best and the brightest together to advance our work.”Related: FDIC resists transparency on Operation Chokepoint 2.0 — Coinbase CLO
California is home to a booming blockchain industry
Although Newsom’s announcement did not clarify whether, or how, blockchain technology would support the project’s mission, California is home to hundreds of blockchain companies that could offer insights into fostering innovation and transparency in government services.
According to the California Business, Consumer Services and Housing Agency’s Interagency Web3 Report, nearly one-quarter of the approximately 800 blockchain companies in North America are headquartered in the state.
The report suggests that California’s thriving blockchain sector presents “an opportunity for leveraging new types of blockchain entrepreneurship and consumer interest.”
California’s move to engage crypto firms comes amid growing regulatory momentum for digital assets in the United States, with stablecoin and market structure legislation currently in development.
Newsom’s announcement also coincided with US Crypto Week, during which the House of Representatives is set to debate and vote on several crypto-related bills.
The week started with the House Committee on Rules reviewing the Anti-CBDC Surveillance State Act, the Digital Asset Market Clarity (CLARITY) Act and the GENIUS Act, a comprehensive framework for US dollar stablecoins.
Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears
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