81% of adults in the U.S. agree that there is a need for clearer crypto industry regulations
Ahead of U.S. midterm elections, a recent Grayscale national survey points to the bipartisan consensus that crypto is the future of finance
By Anastasia Samaras
A new national survey from Grayscale, conducted by The Harris Poll on its behalf, presented interesting findings about public perception surrounding the crypto market ahead of the U.S. midterm elections.
53% of Americans surveyed agree that “cryptocurrencies are the future of finance,” including 59% of Democrats and 52% of Republicans, and 44% of Americans expect to have crypto as part of their investment portfolio in the future.
Further, nearly half of Americans are familiar with cryptocurrency and familiarity rises among younger investors, including 70% of those aged 18–34 and 62% of those aged 35–44.
As a blockchain-powered exchange that enables NFT trading, Upstream finds the results of this survey very promising. Increased support for cryptocurrencies paired with the demand for clear regulation point to a greater adoption rate and increasing positive public perception not just for digital currency but for the underlying technology.
Surrounding the regulatory gray area the crypto and greater blockchain market operate in, 81% surveyed agree there should be clearer cryptocurrency industry regulation.¹
There has been a notable movement towards regulation over the past year, but we believe more meaningful, concise language would aid in industry adoption and understanding.
Recap of incoming and ongoing regulation in the NFT Market
- In January 2021, congress passed the anti-money laundering act of 2020 as part of the national defense authorization act, with the biggest changes to the BSA in two decades.²
- In March 2021, the financial action task force issued a draft for updated virtual asset guidance, which could have implications for NFTs.³
- Buyers of the $600k Nyan cat NFT and other notable NFTs are only known by their wallet addresses. This could have serious implications.⁴
- The AML act extends the scope of the BSA to crypto exchanges, maintaining that virtual currency businesses are money services businesses, and therefore, subject to BSA requirements.⁵
- In March 2022, the SEC reportedly sent subpoenas to NFT marketplaces for potential regulatory violations.⁶
- In August 2022, the SEC issued investigative subpoenas and requests for information surrounding Coinbase’s listing process, staking programs, and yield-bearing products.⁷
How Upstream navigates regulatory uncertainty
As a fully regulated digital stock exchange, Upstream’s NFT market inherently meets U.S.-securities and bank-secrecy regulations as standard practice. We’ve integrated KYC/AML compliance checks seamlessly into the app to keep our community protected.
Upstream is the first securities exchange to offer both NFT and securities trading and was designed for everyday investors with secure, clear, and intuitive functionality.
“Most NFT platforms have moved faster than regulation, but we’ve always taken the approach that regulation was a “when” not an “if” for the multi-billion-dollar NFT market,” said Upstream Co-Founder and Horizon CEO Brian Collins. “We’ve built our exchange to be adaptable with potential new policies, seamlessly integrating identity verification, AML, and copyright protection to safeguard NFT traders.”
We are proud to be a MERJ Exchange Market which is an affiliate of the World Federation of Exchanges(WFE), built by a team of Wall Street veterans and proven software engineers to create a fair and accessible market.
Upstream works with brands across sports, music, and entertainment offering a secure, safe entry point into Web3. It was paramount to include benchmarks that protect personal brands and their fans and promote longevity no matter the regulatory landscape.
*This blog shall not constitute an offer to sell securities or the solicitation of an offer to buy securities in any jurisdiction where such offer or solicitation is not permitted.
*NFTs received have no economic value, royalties, equity ownership, or dividends. NFTs are for utility, collection, and display only.
*U.S. investors are not permitted to purchase Upstream listed securities. U.S. and Canadian citizens will only be able to trade in securities they currently own, that have been listed on Upstream, for liquidation purposes only.
If funding Upstream with an ACH or wire bank payment, users must complete Upstream’s in-app KYC process to get their new, FDIC insured, Upstream U.S. bank account details via email. Users may then initiate a funds-transfer from their bank or financial institution to this new U.S. Dollar bank account. If you haven’t completed KYC yet, or didn’t select ‘Bank’ as the ‘Deposit From’ option when you completed the process initially, then please go through KYC again selecting the ‘Bank’ payment method. Users may complete the simple KYC process by tapping the settings icon and the KYC option inside the Upstream app.
This communication contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential,” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified, and, consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation,
risks and uncertainties associated with (i) difficulties in obtaining financing on commercially reasonable terms; (ii) changes in the size and nature of our competition; (iii) loss of one or more key executives or brand ambassadors; and (iv) changes in legal or regulatory requirements in the markets in which we operate. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.