Bar Association of New York Urges Amendment to Lure Crypto Firms

Most recently the New York City Bar association proposed significant amendments in context to evolving technologies, such as digital assets to encourage crypto firms to set up workplace in New York and preserve the region’s preeminence as a leading commercial jurisdiction.  

The recent amendments in backing emerging technology that aim to promote technological and commercial advances that reduce transaction costs and enhance the efficiency and security of financial transactions governed by the New York Uniform Commercial Code (UCC).

“New York risks that market participants will prefer one of those states for transactions involving digital assets or even the law of other countries, such as England, which are rapidly reforming their commercial laws to accommodate emerging technologies and electronic transactions.” 

As per the association, these advantages are significant factors considered by the market moguls by figuring out New York as a business location and believing that legal disputes can be settled faster in the region.

“The amendments will also help ensure New York’s leadership in commercial and financial progress and growth and will disincentivize migration of digital commerce to other jurisdictions which more clearly promote and encourage technological and commercial advances.”

Dozens of data sources claim that New York is one of the leading regions that has a significant number of cryptocurrency companies. Other than New York, Singapore and Hong-Kong have played a crucial role, and are fairly competing with other nations to become crypto hubs. 

Crypto Market Performance

If we look at the market performance before the approval of Bitcoin spot ETF, the market was reflecting a mind-blowing surge and the leader of the crypto market, Bitcoin was trading at the boundary of $48K, but it failed to suppress the much awaited resistance of $50k. 

Following the approval prices did not show any major improvements, but data claims that on the first day of business, the ETF attracted over $100 Million towards the cryptocurrency market. 

When writing, Bitcoin was trading at $43,238 with an intraday growth of 2.58% and a weekly surge of over 10%. Similarly, the market cap of the entire crypto market grew over 2.50% and was $1.67 Trillion, when writing.

The market capitalization of the whole crypto industry grew more than 2.85% in the past 24 hours, and was $1.67 Trillion as of writing. Despite any major improvement in terms of price, several data claims that a major spike in the crypto adoption is seen in Europe following the approval of spot ETF.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.