United States of Crypto calls for an update

Impact Research recently conducted a study on behalf of Coinbase, revealing the sentiments of Americans toward cryptocurrency and blockchain. A brief explanation is that the people in the US find the aging financial system outdated. They majorly see crypto and blockchain as something new that will set the tone in making the US a global hub or at least bring the union of the states to a level where it can compete with others.

Digital assets are owned by one out of five Americans. States to show positive sentiments toward digital assets are Montana, Georgia, Nevada, New Hampshire, and Ohio.

While roughly 22% of people hold digital tokens, the sentiment of having a clear regulation for the same is obvious among most of the residents. Per the results of the poll, 67% of the participants spoke their minds to express that there is indeed a requirement to have a major update in the current financial system.

80% of the participants believe that the prevailing financial system is unfairly favoring those who are powerful. As for the future of cryptocurrency, 76% of the holders have said that the future of cryptocurrency is brighter than one imagines it to be.

How people look at digital currency has implications in the political sphere as well. According to data published by Morning Consultant, 61% of the crypto holders voted for Biden in 2020. The same is expected to happen when elections are held again in the US. Meaning a slight disagreement or delay in introducing legal clarification about cryptocurrency could have a larger impact on the present government.

Based on the sentiments, it is even right to assume that the Biden Government cannot just sit and maintain silence on crypto and blockchain technology.

The research done by Impact Research has further stated that 56% of the participants believe that there is a lack of standalone regulation. Regulation is unclear, believe 60% of the participants. Coinbase manages Coinbase exchange and hence, is one of the members of the digital ecosystem. Every decision, lack of clarity, or regulation implemented by the government even affects the brand personally.

Having talked about the political implications, it is becoming clearer that the 2024 elections will see the crypto community play a huge role in deciding who takes over the charge of the US. Coinbase has even stated in the announcement that the crypto community is prepared to play a major role in deciding the next government.

This is inspired by the fact that a lot of countries are moving forward with crypto in their regions. They are attempting to draft regulations and legislation, especially to accommodate crypto ventures. The US, on the other hand, is lagging far behind. If the trend moves this way in the years to come, then the effect will be such that the union of the states will lose its tag of superpower – mostly in the financial and technological sectors.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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