The crypto analyst Benjamin Cowen is revealing the connection that is placed between altcoins and crypto regulations. Check out the latest reports below.
Benjamin Cowen sees a connection between regulation and altcoins
Popular crypto analyst Benjamin Cowen said that he expects the price of altcoins to go down significantly in the face of imminent regulation on the industry.
In a new interview on Digital Asset News, Cowen says that regulators could set their sights on the crypto space.
This could potentially target issues such as the energy consumption of proof-of-work blockchains or whether or not certain altcoins are unregistered securities.
Last week, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler hinted that Ethereum (ETH) could be considered a security following the leading smart contract platform’s transition to proof-of-stake.
“I do think that alts need to go down a lot. Not only with respect to the US dollar but with respect to Bitcoin as well and I think that the narrative that will fuel that will be the regulatory concerns for the altcoin market.”
Cowen says such a situation could raise issues of whether or not these assets can be listed on crypto exchanges.
“We have to consider that if altcoins are deemed securities, that’s not necessarily a bad thing. We trade stocks all the time and stocks are securities, but the problem is that, I’m not trying to just spread FUD [fear, uncertainty and doubt], in the United States, there might be some questionable things related to [the question of] can U.S exchanges list them?”
The crypto market is seeing various corrections lately, and despite the fact that this continues, there are still optimistic predictions about the price of BTC and the altcoins.
More than that, the crypto mass adoption is going great these days, and there are all kinds of juicy events taking place in the crypto space that boost the mainstream adoption of digital assets and their underlying tech, the blockchain.