Crypto Market News: In the wake of statements that ‘the great accumulation of Bitcoin’ has started, traders have been digging the past about how the U.S. Securities and Exchange Commission (SEC) treated crypto native businesses. This comes after corporate bigwigs in the United States have suddenly shifted gears when it comes to taking the next big leap towards entering the digital assets market. Major financial companies like BlackRock, Invesco, Fidelity Investments, Wisdom Tree and Valkyrie Funds have in a series of events jumped into the crypto bandwagon.
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These developments are undoubtedly bound to create long term ripple effects in crypto market, considering the massive reach these big players have in the mainstream financial world. For example, Blackrock alone managers assets of hundreds of companies across sectors and around the world.
John Deaton, the attorney representing XRP Token holders in the Ripple Vs SEC lawsuit, recalled SEC Chair Gary Gensler’s old interview in which US investor Tim Draper speculated on what could be the possible blueprint to crypto adoption. Draper could be seen telling Gensler that the incumbents (banks) would initially sue crypto businesses, then exert media pressure and leverage government regulators to slow its progress before eventually adopting the space. Hence, Deaton indicated that Draper’s prediction draws parallel with the recent interest in crypto from the big corporations.
A similar comment from popular crypto influencer Preston Pysh went viral, reaching as many as 2 million views.
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