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Alex Dovbnya

Ripple co-founder Chris Larsen has praised California’s effort to update U.S. financial regulations

In a recent tweet, Ripple co-founder Chris Larsen praised California Gov. Gavin Newsom for issuing an executive order on crypto.      

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

Larsen predicts that California will end up becoming “a global hub” for crypto talent and innovation by providing regulatory clarity.        

OpenSea CEO Devin Finzer also praised Newsom for recognizing the potential of Web3 for Californians.

Finzer says that the company shares a commitment to welcoming more people into crypto.

As reported by U.Today, President Joe Biden issued his executive order on crypto in March. Its content was widely praised by the entire cryptocurrency industry.

California is America’s biggest economy with a $3.4 trillion gross state product (GSP). If it were a sovereign nation, it would be the world’s fifth-largest economy (ahead of the U.K.).

After thriving off of 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 made a decision to keep its global headquarters in San Francisco last March after previously contemplating moving to the U.K., the UAE, and other crypto-friendly jurisdictions. The blockchain company is being sued by U.S. Securities and Exchange Commission for allegedly selling unregistered securities in the form of XRP tokens.

Ripple CEO Brad Garlinghouse has repeatedly criticized the U.S.’s approach to cryptocurrency regulation, warning that it could become less attractive for crypto businesses.

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