The governor of California has signed a new executive order on cryptocurrency.
A new executive order on digital assets has arrived on the West Coast, offering a more transparent and consistent corporate climate. Governor Gavin Newsom of California recently signed it into law.
According to official sources, the new executive order aims to create a transparent and consistent business environment for blockchain companies, including crypto assets and related financial technologies, that harmonizes federal and California laws, balances consumer benefits and risks, and incorporates California values like equity, inclusivity, and environmental protection.
The loan’s exact financial amount has not yet been announced. However, the loan was secured by a percentage of Coinbase’s total 4,487 Bitcoin (BTC) assets, which are now valued at roughly $170 million. The loan includes 24-hour risk monitoring, and Coinbase will be required to replenish its BTC collateral if prices fall too low.
Until now, Bitcoin- and other crypto-backed loans were prevalent in the crypto business, but the traditional financial sector considered them excessively hazardous due to the fluctuating nature of cryptocurrencies.