Within the report, Coinbase noted that 19% of New York residents who participated in a study own cryptocurrencies. In addition, a study commissioned by Coinbase also showed that 1 in 3 New York residents agree that crypto makes the financial system fairer and described it as a “worthwhile investment for the future.”
Apart from these, the Coinbase report also highlighted that as New York residents continue to embrace the idea of crypto, the state continues to become a home to various blockchain-based projects. According to the report, there are 692 blockchain organizations and over 800 founders based in New York state.
As crypto continues to pick up within New York, regulators within the state are also tightening its capacity to watch digital currencies. On Feb. 21, the New York State Department of Financial Services (NYDFS) announced that it implemented enhancements in its ability to detect crypto-related illegal activities. According to the announcement, the department will have additional capabilities in terms of detecting insider trading, market manipulation and front-running activities.
Meanwhile, the United States Federal Reserve has recently broadened the scope of its program that oversees US-based banks engaging with crypto and blockchain. On Aug. 8, the Fed established a program that aims to limit certain crypto-related activities for banks that they supervise.
In other news, US-based stablecoin issuer Circle highlighted that its USD Coin (USDC) has found traction in other parts of the globe. On Aug. 8, Circle CEO Jeremy Allaire said that 70% of USDC adoption comes from outside of the US. The executive noted that there’s progress happening in emerging markets such as in Asia, Latin America and Africa.
A Coinbase series highlighting crypto innovation at the state level in the United States has recently published its fourth iteration featuring New York. The report highlighted various milestones reached by the state in terms of crypto adoption.