The cryptocurrency industry in the United States seems poised for continued expansion despite growing regulatory pressures in the country.
A new Coinbase cryptocurrency exchange report describes several leading US companies embarking on blockchain initiatives to remain competitive in the global market.
Recent Adoption of Blockchain by Companies in the United States
Coinbase’s report, entitled “The Status of Cryptocurrencies: Corporate Adoption”, shows that 52% of Fortune 100 companies have adopted cryptocurrency, blockchain, or Web3 initiatives since early 2020.
Approximately 60% of Fortune 100 initiatives were reported since early 2022. are in the pre-launch phase or have already begun.
Meanwhile, 83% of Fortune 500 executives surveyed who are familiar with cryptocurrencies or blockchain say their companies have ongoing or planned initiatives.
These figures demonstrate the growing adoption of cryptocurrencies and blockchain technology in American companies.
The 14-page report shows that technology, financial services, and retail industries account for approximately 75% of Fortune 100 initiatives as of the first quarter of 2020.
Four of the biggest tech companies, four of the biggest banks, a retail giant and a beverage company are among the ten companies with the most initiatives.
The study, conducted in collaboration with an external research firm, indicates that blockchain is fundamental to the development and innovation of the corporate world.
Data collection and management is currently an important use case for technology and is at the heart of most Fortune 500 initiatives.
Fortune 500 Executives Want Clarity in Cryptocurrency Sector
A significant percentage (77%) of Fortune 500 executives surveyed agree that blockchain could help make the financial system more efficient.
However, a larger percentage (87%) emphasized the importance of clear rules and regulations to support technology.
A clear majority (92%) of Fortune 500 executives want politicians to create new regulations on cryptography, blockchain, and Web3.
This is due to the belief that older rules designed for older technologies only prevent adoption and investment in cryptocurrencies.
The lack of clear regulations poses a challenge to ” U.S. leadership in the global financial system,” according to the report.
Data analyzed in the report shows that the United States will have 1 million Web3 jobs by 2030. Therefore, it is obvious that developers and three million related non-technical jobs are losing to crypto-friendly countries.
The largest exchange of cryptocurrencies based in the U.S. has always called for clarity on cryptocurrency regulations.
Meanwhile, the Securities and Exchange Commission (SEC), the US financial regulator, recently asked for more time to respond to such requests.
By Marina Meza
