Two Newly-Elected Governors Are All In On Cryptos

The new governors of the US states of Colorado and California are crypto supporters. The 2 candidates just won these seats during the midterm gubernatorial elections.


The Governor of California

For California, the Democratic candidate Gavin Newsom gathered 59% of the votes and was able to beat the Republican John Cox. Newsom had introduced cryptocurrencies to the political debate since 2014. He established himself as the very first prominent politician accepting BTC donations for his campaign.

One significant donation to the new governor’s campaign was from the Winklevoss twins, with a combined total that reached $116,800 last year. It has been reported that the twins’ donations were made in fiat, but Newsom received donations in BTC and BCH.

The Governor of Colorado

On the other side of the spectrum, Colorado had a Democratic candidate in Jared Polis whose opposition was Republican Walker Stapleton. Polis surpassed Stepleton after garnering 51.6% of the votes to Stepleton’s 45%.

Like Newsom, Polis accepted donations in BTC and BCH via Bitpay for his campaign. The campaign’s website for this year’s midterm elections featured a whole page outlining his policies for blockchain. He explained 5 main areas in which he plans to examine the new technology closely. These aspects include protecting voters by strengthening cybersecurity and blockchain solutions for the energy grid. He plans as well to use public ledgers to add transparency with state contracts, disbursements, or any governmental bureaucracies.

Polis intends to form regulatory sandboxes to motivate blockchain organizations to start heading towards Colorado. He says this will produce applications for the government to preserve money from tax-paying individuals and provide value for residents. Polis also promises to generate a secure port specifically created to absolve cryptos from Colorado’s laws regarding the transmission of money. In addition, he's looking to protect open blockchain tokens, or cryptos that can be exchanged for services, from the encumbering demands of licensing.

His blockchain strategy is based on a similar model in Wyoming. Last March it generated another category for assets by referring to cryptos as utility tokens. During that time, a House Bill was created that in effect frees cryptocurrencies from security regulations within the state. Governor Matt Mead signed the House Bill into the law. The overall global impact is yet to be seen. However, Polis’ pledge, along with that of Wyoming, indicates a new path for utility tokens to be seen in a different light as goods or securities.

1 year ago

Start Weekly Digest

Similar news