NewsletterHere’s Why Memorial Day Could Mark Change In Bitcoin Trader Sentiment
Crypto Market News: While the cryptocurrency prices showed significant revival since the beginning of 2023, US regulatory scrutiny led by the U.S. Securities and Exchange Commission (SEC) has been equally intensive. Even the largest crypto market players like Coinbase, Binance and Kraken have not been spared in the recent months. The SEC has been adamant about enforcing in contradiction with the market demand for regulatory clarity. In a fresh development, the SEC clarified that it could take years to complete crypto rule making and that by that time it will take the enforcement route.
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In this context, severe criticism was seen against SEC Chair Gary Gensler for his “come, register and comply” policy. Things got even more intense after Gensler failed to answer whether the existing laws are sufficient to govern the crypto asset market.
Change In Crypto Market Soon?
In light of heightened enforcement actions against crypto businesses and the US regional banking crisis, the Bitcoin price has been witnessing sideways movement associated with some loss in value over the last few weeks. Meanwhile, the crypto market sentiment was actually dominated by the memecoin frenzy with the likes PEPE Coin grabbing investor attention since its launch in April 2023. In this context, crypto influencer Ran Neuner believes the ongoing regulatory scrutiny could soon ease off as we approach the US election year. Further, he predicted that the SEC may not initiate as many enforcement actions starting from around Memorial Day, May 29, 2023.
Neuner added that Gary Gensler could be replaced from the SEC top post if Republicans emerge victorious in the upcoming US election.
Also Read: Explained: What is Layer 0 in Blockchain? Layer Zero Crypto Examples
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