Coinbase: US Needs Fair Crypto Policies

Despite growing institutional interest in cryptocurrency and blockchain, the US faces a potential talent exodus due to its lack of clear cryptocurrency policies, according to Coinbase’s recent report.

The US currently holds a leading role in the global crypto market, but sustaining and strengthening this position requires proactive efforts.

The report states that top American companies are embracing blockchain. Fortune 100 companies reported a 39% rise in blockchain projects in Q1 2024 compared to last year. Additionally, 56% of Fortune 500 executives said their companies are actively involved in on-chain projects.

BTC ETFs Impacting Markets

According to the report, the launch of Bitcoin ETFs has met growing institutional demand. As of June 13, U.S. Bitcoin funds have amassed $63 billion in assets under management. The SEC’s recent approval of spot Ethereum ETFs is expected to increase crypto accessibility for investors.

On-chain government securities, like tokenized US Treasuries, are also attracting interest, with their value growing over 1000% since 2023, reaching $1.29 billion in value. In addition to offering new ways to invest, tokenization boosts demand and drives up the value of tokenized securities.

BlackRock’s tokenized Treasury fund (BUIDL) has become a major player in the tokenization of real-world assets. BUIDL debuted earlier this year on Ethereum and took only a few months to surpass Franklin Templeton’s fund.

Coinbase’s report also highlights the integration of stablecoin into major payment systems like PayPal and Stripe. As noted, adoption could help reduce transaction fees and streamline cross-border payments.

The rapid and widespread growth of cryptocurrency and blockchain technology is undeniable.

However, to fully reap the benefits, the US needs robust regulations and policies to protect investors from market manipulation and crypto scams and ensure they receive essential and accurate information. A clear legal framework also fosters sustainable business opportunities and attracts talented labor.

Cryptocurrency Reshaping the US Election

Cryptocurrency has become the topic of discussion over the past few weeks, particularly in the talks surrounding the coming US presidential election. According to a report published yesterday, President Joe Biden is considering accepting cryptocurrency donations.

People familiar with the matter said that the President had communicated with industry figures to initiate this plan. The donations could be made through Coinbase Commerce, an enterprise digital payment service offered by the American leading cryptocurrency exchange Coinbase.

Biden’s plans to integrate cryptocurrency into his election campaign have been increasingly discussed in recent weeks. Last month, the President reportedly started gearing toward increasing engagement with the cryptocurrency community.

However, the Biden administration’s stance toward the sector remains uncertain after the White House vetoed a resolution that sought to cancel the SEC’s Staff Accounting Bulletin No. 121 (SAB 121).

The veto quickly drew public criticism. Some crypto members expressed surprise that the US leader didn’t completely shift his stance on cryptocurrency as many expected.

While Biden seems cautious in his approach to cryptocurrency, his biggest competitor, Donald Trump, has consistently shown support for the industry. Trump has accepted cryptocurrency donations for his campaign.

In addition, the former US President has pledged to create a crypto-friendly business environment and make the country an industry leader. Trump has also made headlines over the past few weeks with several statements that show his support for the industry.

Commenting on the impact of crypto on the US election, billionaire Mark Cuban suggested that either Biden or Trump understand cryptocurrency. However, the SEC’s actions against the industry under the Biden administration could cost him votes and give Trump advantages.

“I have said many times that Biden has to choose between Gensler or crypto voters or it could cost him the White House,” stated Cuban in a recent post on X. “As far as who will be appointed. I wouldn’t take anything as a given.”

The post Coinbase: US Needs Fair Crypto Policies appeared first on Blockonomi.

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