According to Coinbase reports, 19% of New Yorkers own cryptocurrency
New York is included in the fourth edition of a Coinbase research series that examines crypto innovation at the state level in the United States. The study emphasized several achievements made by the state in terms of the adoption of cryptocurrencies.
According to the research from Coinbase, 19% of the study’s participants who live in New York possess cryptocurrency. Additionally, one in three residents of New York said that cryptocurrency is a “worthwhile investment for the future” and that it makes the financial system more equitable
The Coinbase research also emphasized how New York is becoming a hub for blockchain-related ventures as its citizens continue embracing cryptocurrencies. According to the study, over 800 founders and 692 blockchain firms have headquarters in New York State. New York state officials are strengthening their ability to oversee digital currencies as crypto usage rises. The New York State Department of Financial Services declared on February 21 that it had improved its capacity to identify criminal activity using cryptocurrencies. According to the release, the agency will have improved skills for identifying front-running, market manipulation, and insider trading.
The U.S. Federal Reserve, meanwhile, has expanded the purview of its program that regulates U.S.-based institutions using blockchain and cryptocurrency. The Fed developed a program on August 8 to restrict specific crypto-related activity for banks under its supervision. In other headlines, stablecoin issuer Circle in the US noted that their USD Coin has gained popularity in other regions. Jeremy Allaire, CEO of Circle, stated on August 8 that 70% of USDC adoption occurs outside the United States. The CEO cited developments in developing nations in Latin America, Africa, and Asia.
Coinbase, a leading bitcoin exchange in the US, just issued a survey study with New York as its main emphasis. Due to the growing interest in cryptocurrencies, it became clear that New York was becoming a hotspot for blockchain-focused innovation. The Coinbase study presents several highlights illustrative of US state-level crypto innovation. The only state included in its fourth edition, New York, is the subject of several discussions over the state’s acceptance of cryptocurrencies. The study’s findings showed that among the participants, 19% of New Yorkers are cryptocurrency owners. According to the statistics, one in five residents of New York are bitcoin enthusiasts. Additionally, one in three New Yorkers agreed that cryptocurrency helps provide more accurate financial reports. It went on to tout cryptocurrency as a wise investment for the future.
State officials in New York are concerned about legal issues due to increased cryptocurrency acceptance. They are expanding their capacity to monitor digital currencies as a result. The New York State Department of Financial Services declared in a press release dated February 21 that they had tightened the screws in spotting illicit actions with cryptocurrency. It pointed the way toward the improved skills used to counter insider trading, front-running, and market manipulation techniques. The United States Federal Reserve also expanded the scope of its initiative to oversee US-based institutions engaged in blockchain and cryptocurrency. On August 8, they established a program restricting some crypto-related activity for the banks under the control of the Federal Reserve.
The US-based stablecoin issuer Circle has gained more traction in recent headlines addressing notable events for cryptocurrency internationally. The event emphasized the emergence of the USDC, with its CEO, Jeremy Allaire asserting that acceptance of the currency originates from countries other than the United States in 70% of cases. They also demonstrated the popularity of the currency in regions like Latin America, Asia, and Africa. New York’s increased interest in cryptocurrencies brings good news for the community. Additionally, the state’s changing terrain ensures that economic and legal development go hand in hand.
