SEC Developments!
US financial regulators are receiving a lot of criticism from participants in the crypto market, who see their recent actions as a coordinated effort to halt the growth of cryptocurrencies. The SEC has initiated legal action against the two largest trading platforms, Binance and Coinbase, accusing them of violating US securities laws. In addition, other organizations such as the cryptocurrency exchange Kraken and the stablecoin Binance USD (BUSD) have received regulatory feedback in 2023.
Decentralized finance (DeFi), which has emerged as a hot sector in the Web3 world, has also caught the attention of the SEC. Last week, the US Senate proposed a bill that would include DeFi in the scope of anti-money laundering and economic sanctions compliance requirements. As expected, the market reacted negatively to these developments, and the highest asset values ​​immediately plummeted. Investors fear that the economic environment in the US, which is the global hub of the industry, will become increasingly hostile to cryptocurrencies and blockchain-based services.
Expectations for BTC!
However, despite the pessimism, the general public in America still believes in the long-term prospects of cryptocurrencies. According to a recent survey conducted by CryptoVantage, approximately 70% of Americans believe that Bitcoin (BTC) will return to its all-time high of $69,000 within the next five years.
The survey specifically questioned citizens who have previously traded cryptocurrencies in order to analyze the factors that led to their crypto investments. A few enthusiasts, about 23%, believe that the leading cryptocurrency will reach its ATH in 2023. While optimism is notable, it does not seem very realistic considering the momentum of the market. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, was chosen as the most likely cryptocurrency to surpass BTC in the next bull run.
