On August 8, Coinbase released a study series titled “United States of Crypto” that emphasized crypto development at the state level, having 692 blockchain organizations and over 800 entrepreneurs based in New York alone.
Coinbase Report Shows Growth in Crypto Space
The site published a blog post that discusses how, despite numerous ongoing regulatory scrutiny, the state of New York has become an enclave for cryptocurrency with dedicated supporters.
The report reads: “It is heartening to witness the resolute efforts of individuals in the U.S., especially in New York, where crypto and web3 adoption is rapidly gaining traction: 19% of New York residents own crypto.”
New Yorkers are Bullish
In addition, the Coinbase report states that one in every three residents of New York believes that cryptocurrency improves the monetary system as it is more equitable as well as it is a “worthwhile investment for the future.”
According to the Coinbase report, as New Yorkers embrace the concept of cryptocurrencies, innovation, and the immense potential of blockchain, the state is transforming into a prominent hub for this disruptive technology and the crypto movement.
Regulation of Crypto in the US
Notably, Members of the United States House Financial Services Committee have presented a bill for regulating stablecoins with the goal to set up a solid and comprehensive legal structure for stablecoins such as USDC, Tether (USDT), and others. The proposed stablecoin bill is anticipated as one of the most significant pieces of crypto legislation introduced this year.
Launching a Digital Dollar
At the same time, the US House Financial Services Committee requested the Federal Reserve to perform an investigation on the impact of a possible Central Bank Digital Currency (CBDC).
In the past, New York Mayor Eric Adams once stated that cryptocurrency is “a new way for paying for services and goods throughout the entire globe” and he advised pupils to learn about it and the technology that enables it. As reported by TheCoinRise, an eToro survey which was conducted last year revealed that 33% of US people would like to be engaged with a crypto-friendly partner.