Crypto Regulation Shows Mainstream Acceptance

What an absolutely insane few weeks in crypto it’s been. All the Elon Musk drama, the Tether reserve breakdown, and now there are further signs of government regulation. 

Today I’m going to look at the regulatory developments and what they mean for crypto markets. 

One of my favorite crypto people — Avanti founder Caitlin Long — recently summed it up in an epic tweetstorm

Her summary of the U.S. government’s position is worth noting: “pay taxes, comply w/ laws & don’t take shortcuts, & we’ll enable the innovation.” Caitlin goes on to list all the different federal agencies we’ve heard from so far.

It’s a brilliant thread. I recommend reading the whole thing and following Caitlin if you don’t already.

So what does this all mean for the crypto market? To me, it’s a further sign of crypto going mainstream. It’s getting big enough that the government has to pay closer attention. Yes, there will be negatives from these developments. But it was inevitable for some regulation to happen.

However, that doesn’t mean we have to sit back and watch regulation happen passively. A recent study estimated that 21.2 million Americans now own crypto. That’s 14% of the country already. And the study predicted that ownership would double in 2021. The crypto community has the potential to become a powerful force for change — if we can start working together more. We should make it clear to politicians that this is an important issue to us and that we’ll be weighing it heavily in our voting decisions. 

Fundamentals Never Stronger

I believe the overall crypto market follows bitcoin’s lead. I don’t think it’s a coincidence that every “alt season” is catalyzed by a bitcoin (BTC) bull market. So in order for altcoins to do well, I think BTC has to take the lead.

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