Coinbase, a significant cryptocurrency exchange in the United States, recently published a survey report with New York as its central focus. It revealed that the rising interest in cryptocurrencies has contributed to making New York a blockchain-oriented innovation hub.
The Coinbase report demonstrates a series of highlights showing crypto innovation at the state level in the US. Its fourth edition’s sole focus is New York, where it discusses numerous milestones reached by the state concerning crypto adoption.
The report exhibited that among the study participants, 19% of New York residents own cryptocurrencies. The numbers say that one in five New Yorkers is a cryptocurrency enthusiast. Further, one out of three New Yorkers affirmed the statement that crypto contributes to fairer financial statements. It further described crypto as a worthwhile future investment.
The report by Coinbase has been very detailed in explaining how New Yorkers continue to embrace the idea of cryptocurrency. Further, it revealed how the state is turning into a home for blockchain-centered projects. Per the report, the New York state hosts 692 blockchain organizations with 800 founders based here.
The growth of crypto adoption in New York has state regulators concerned over legal matters. That is why they are accelerating their digital currency supervising capacity.
A February 21 announcement by the New York State Department of Financial Services exclaimed that they had tightened the ropes in detecting illegal activities surrounding crypto. It directed the path to the enhanced capabilities employed in addressing insider trading, front-running, and market manipulation tactics.
Further, the United States Federal Reserve widened its program’s scope for monitoring US-based banks involved in crypto and blockchain. On August 8, they set a program limiting specific crypto-related activities for the banks under Federal Reserve’s supervision.
Other news regarding noticeable developments for crypto globally includes enhanced traction for the US-based stablecoin issuer, Circle. The party highlighted that their USDC has risen globally, with its CEO Jeremy Allaire claiming that 70% of USDC adoption materializes from outside of the United States. They also revealed the coin’s growing popularity in countries like Africa, Asia, and Latin America.
The growing crypto passion in New York brings good news for the community. Further, its evolving landscape ensures that legal and financial growth occurs side by side in the state.
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