Coinbase Advocates for Fair Crypto Policies in the US
Coinbase’s recent report suggests that the lack of clear cryptocurrency policies in the US could lead to a talent exodus, despite the increasing interest in cryptocurrency and blockchain from institutions.
While the US currently plays a significant role in the global crypto market, sustaining and strengthening this position will require proactive efforts.
The report indicates that top American companies are embracing blockchain, with a 39% increase in blockchain projects reported by Fortune 100 companies in Q1 2024 compared to the previous year. Additionally, 56% of Fortune 500 executives stated that their companies are actively involved in on-chain projects.
The launch of Bitcoin ETFs has met growing institutional demand, with U.S. Bitcoin funds accumulating $63 billion in assets under management as of June 13. The recent approval of spot Ethereum ETFs by the SEC is expected to further increase accessibility to cryptocurrencies for investors.
Tokenized US Treasuries and other on-chain government securities have also been gaining interest, with their value growing over 1000% since 2023, reaching $1.29 billion in value. The integration of stablecoin into major payment systems like PayPal and Stripe, as highlighted in Coinbase’s report, could help reduce transaction fees and streamline cross-border payments.
However, the rapid growth of cryptocurrency and blockchain technology highlights the need for robust regulations and policies in the US to protect investors from market manipulation and scams, as well as to ensure the dissemination of essential and accurate information. A clear legal framework would also foster sustainable business opportunities and attract talented labor.
The report also touches on the impact of cryptocurrency on the upcoming US presidential election, with President Joe Biden reportedly considering accepting cryptocurrency donations. While Biden’s approach to cryptocurrency remains uncertain, his competitor Donald Trump has consistently shown support for the industry, accepting cryptocurrency donations for his campaign and pledging to create a crypto-friendly business environment.
Billionaire Mark Cuban has suggested that the SEC’s actions against the industry under the Biden administration could cost him votes and give Trump an advantage in the election.
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