President Joe Biden signed an executive order in March that called on government agencies to study the “responsible development” of digital assets, including stablecoins. While there’s still a long way to go, 2022 has so far seen some progress on the regulatory front. “The collapse of DeFi lenders could be the reason that regulators have been looking for to implement draconian controls over cryptocurrency.” “After the catastrophic events that have unfolded in the crypto market over the past few weeks, it is clear that stringent regulation could arrive soon,” says Marcus Sotiriou, a market analyst at digital asset broker GlobalBlock. The domino effect of that has given federal regulators even more ammo recently to push for crypto regulation. Some companies like Three Arrows Capital and Celsius have since filed for bankruptcy. Within a few weeks of Terra’s downfall, the crypto market plunged again and several crypto companies announced layoffs and froze withdrawals to slash costs due to the extreme market conditions. As of a result, many Terra and Luna investors saw their investments vanish in a matter of days. In May, crypto markets went into a freefall that led stablecoins TerraUSD (UST) to depeg from the dollar, which in turn, caused its linked cryptocurrency Luna to crash as well. U.S officials have shown a particular interest in stablecoin regulation, especially following the recent Terra Luna crash.
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and across the world are trying to figure out how to establish laws and guidelines to make cryptocurrency safer for investors and less appealing to cybercriminals, so expect continued conversations about cryptocurrency regulation. Broader Institutional Cryptocurrency Adoption.
While exact predictions are impossible, we asked five experts about what they think about the future of crypto: It’s difficult to predict where things are headed long-term, but in the coming months, experts are following things like regulation and institutional adoption of crypto payments to try and get a better sense of the market. That’s a big part of why every new bitcoin high can be easily followed by big drops. ”īut the industry is only in its infancy and constantly evolving. “There’s tremendous focus and attention being paid to. In many ways, 2021 was a “breakthrough,” says Dave Abner, head of global development at Gemini, a popular cryptocurrency exchange. government officials and the Biden administration have increasingly expressed interest in new regulations for cryptocurrency.Īll the while, people’s interest in crypto remains high: it’s a hot topic not only among investors but in popular culture too, thanks to everyone from long-standing investors like Elon Musk to that kid from your high school on Facebook. Ethereum, the second-biggest cryptocurrency, notched its own new all-time high late last year as well, and then crashed below $900 in June, its lowest level since the start of 2021. While no one knows for sure, some experts say crypto prices could fall even further before any sustained recovery.īitcoin hit multiple new all-time high prices in 2021 - followed by big drops - and more institutional buy-in from major companies. While there have been small surges in recent weeks, the crypto market as a whole is largely stalled. The first half of 2022 has been very bad for the crypto market.īitcoin and ethereum are down more than 50% from their all-time highs in late 2021. For more information, see How We Make Money. Some links on this page - clearly marked - may take you to a partner website and may result in us earning a referral commission. The idea is to exchange updates and “talk about possible lawsuits or anything else we can do to speed up getting our funds back,” one Reddit user said.We want to help you make more informed decisions. It has 175 subscribers so far and is advertising for more members on Reddit. There is also a ‘Voyager Victims $5k+’ Telegram group for customers with more than $5,000 invested in Voyager. About a dozen US states didn’t allow the creation of Custody accounts, which is why customers in those states opened Withhold accounts, which should also be entitled to 100% reimbursement of their funds, she said. “If you band together, all of a sudden it becomes possible to retain good bankruptcy counsel and have a voice at the table,” said Deborah Kovsky-Apap, a lawyer at Troutman Pepper Hamilton Sanders LLP representing the group. Article contentĪnother ad hoc group announced Thursday, representing Celsius Withhold account-holders, is also recruiting on Reddit, posting: “Guys we need to make sure the court is focused on Withhold accounts asap!” There are 63 members in its Telegram group at the moment. This advertisement has not loaded yet, but your article continues below.
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