Coinbase: US Needs Fair Crypto Policies – Blockonomi


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.

How To Get Free Crypto  

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.

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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.

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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.”

Go to Source
Author: Nicholas Say


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