The United States intends to put in place strict regulations on the crypto market, in this case altcoins. This worries some analysts like Benjamin Cowen. The latter believes that the prices of altcoins could drop considerably with the “regulatory repression” in the USA.
Altcoins could drop a lot
Dr. Benjamin Cowen is the founder and CEO of Into The Cryptoverse (ITC). The crypto analyst recently spoke about his concerns regarding the upcoming regulations on digital assets in the United States. He explained that said regulation could lead to a substantial drop in altcoins against the dollar and bitcoin (BTC).
He, however, stressed that he does not wish, through his posture “spreading FUD (fear, uncertainty and doubt)“. But, he adds, altcoins could lose listing on US exchanges. This is what happened to XRP at the start of the case against the SEC, in court. Subsequently, many crypto exchanges in the United States temporarily removed the altcoin from their listings.
Benjamin Cowen believes that what happened to XRP is only a small part of what could happen in the altcoin market in the future, as the new regulations. Stuart Aldertoy, legal director at Ripple, also has concerns about upcoming regulations in the United States. He considers that there is aregulatory hostilitytowards crypto in the country, which will have disastrous effects.
Industry players like Brett Harrisson, CEO of FTX.US believe regulation will do the industry a lot of good. He continues that this will stimulate the recovery of trading volumes which are at their lowest level since the beginning of the year.
For Stuart Aldertoy, Ripple’s general counsel, the United States (especially through the SEC) is conducting bad policy. SEC actions cause “harm to innovation and to innovators and entrepreneurs like Ripple and others“. They also harm individuals who hold cryptos. The current situation indicates that the SEC is seeking to “redo the lawwhen she doesn’t have that kind of power. At the end of the day, “only Congress can remake the law“, he said.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
