The cryptocurrency industry in the United States seems set for continuous expansion, despite the increasing regulatory pressure in the country. According to a new report by crypto exchange Coinbase, several leading U.S. corporations are undertaking blockchain initiatives to remain competitive in the global market.
Coinbase Reports Increased Corporate Adoption Of Blockchain In The US
A report by Coinbase titled “The State of Crypto: Corporate Adoption” reveals that 52% of the Fortune 100 companies have made crypto, blockchain, or Web3 efforts since the start of 2020. It was found that approximately 60% of Fortune 100 initiatives reported since the beginning of 2022 have been in the pre-launch stage or have already launched.
Meanwhile, 83% of surveyed Fortune 500 executives who are familiar with cryptocurrency or blockchain say their companies have ongoing or planned initiatives. These figures demonstrate corporate America’s increasing adoption of cryptocurrency and blockchain technology.
Furthermore, the 14-page report reveals that tech, financial services, and retail industries account for roughly 75% of the Fortune 100 initiatives since the first quarter of 2020. Four of the biggest technology firms, four largest banks, a retail behemoth, and a beverage giant are among the ten companies with the most initiatives.
According to the Coinbase research – conducted in partnership with a third-party research firm, blockchain is critical to the development and innovation of the corporate world. Data collection and management is currently a primary use case of the technology and is the focus of most Fortune 500 initiatives.
Fortune 500 Executives Want Clarity In The Cryptocurrency Sector
A decent percentage (77%) of the researched Fortune 500 executives agree that blockchain could help make the financial system more efficient. However, a greater percentage (87%) stressed the importance of clear rules and regulations to sustain the technology.
A majority (92%) of Fortune 500 executives want policymakers to create new crypto, blockchain, and Web3 regulations. This is due to the belief that older rules, designed for older technologies, will only stifle crypto adoption and investment.
Crypto Market Cap at $1.13 trillion | Source: CryptoTotalMarketCap chart from TradingView
Asides from its impact on the crypto industry, the lack of clear regulations also poses a challenge to “US leadership of the global financial system”. According to the “The State of Crypto: Corporate Adoption” report, the U.S. will lose 1 million web3 developer jobs and 3 million related non-technical jobs to crypto-friendly countries between now and 2030.
Coinbase, the largest US-based cryptocurrency exchange, has always clamored for clarity on crypto regulations in the country. The Securities and Exchange Commission (SEC), the United States financial regulator, recently requested more time to respond to the exchange’s rulemaking petition.
Featured image from Unsplash/PiggyBank, chart from TradingView