A series of Coinbase reports highlighting state-level crypto innovation in the US recently released its fourth edition, which includes the Big Apple. The report highlights various milestones achieved by the state with regard to the adoption of cryptocurrencies.
In the report, Coinbase found that 19% of New York residents who participated in the study owned cryptocurrencies. Furthermore, one in three New Yorkers agree that these tools make the financial system fairer, describing them as “worthwhile investments for the future”.,
The Coinbase report also notes that the state continues to host blockchain-focused projects as New Yorkers continue to embrace the asset. according to the report, 692 blockchain organizations and over 800 founders based in New York State,
As cryptocurrency adoption grows in the Big Apple, state regulators are improving their ability to oversee digital currencies. On February 21, the New York State Department of Financial Services announced that Improved its ability to detect crypto-related illegal activity, As per the announcement, the department will have additional capabilities to detect insider trading, market manipulation and front-running activities.
Meanwhile, the US Federal Reserve recently broadened the scope of its program to supervise US banks dealing with crypto and blockchain. On August 8, the Fed launched a program to limit certain crypto-related activities for the banks it oversees.
In other news, US-based stablecoin issuer Circle reported that its USD Coin (USDC) has gained circulation in other parts of the world. On 8 August Circle chief executive Jeremy Allaire said that 70% of USDC adoption comes from outside the United States, The executive highlighted progress made in emerging markets such as Asia, Latin America and Africa.
Translation by Walter Rizzo