expressed opinion entrepreneur Contributors are themselves.
Every day seems to bring a new, ominous headline proclaiming the imminent demise of cryptocurrencies.Bitcoin’s Death Has Been Predicted more than 450 times at the time of writing. However, it seems to have staying power: over $23 billion of bitcoins changed hands in the past 24 hours. Seasoned cryptocurrency investors — and their detractors — have had their ups and downs, and no doubt there will be more. But with each crash (and subsequent boom), the drums of federal regulation grow louder and closer.
In November, following the highly publicized collapse of FTX, Treasury Secretary Janet Yellen Denounce the crypto world Threats to plunge markets: “The recent failure of a major cryptocurrency exchange and the unfortunate impact on crypto asset holders and investors demonstrates the need for more effective oversight of the cryptocurrency market.” Specific areas of concern she identified include ” Mixing of client assets, lack of transparency, and conflicts of interest,” she claimed, “are at the heart of the crypto market stress observed over the past week.”
