The cryptocurrency industry is facing a growing crackdown from regulators around the world. In the US, the Securities and Exchange Commission (SEC) has been particularly aggressive in pursuing enforcement actions against crypto firms.
Although crypto exchanges are not illegal in the UK, the Financial Conduct Authority (FCA) banned the sale of crypto derivatives to retail investors in 2020. In China, the government has banned cryptocurrency trading and mining. The regulatory crackdown is having a chilling effect on the industry, making it harder for crypto firms to raise capital and operate.
Again, he is obviously into Bitcoin, a maximalist or purist to say the least. But you have to understand as well, how fast this crackdown by the government to shutdown memecoins or shitcoins or those rug pull projects?
Right, maybe one project goes down, but 10 will popup just like that. And with that it's going to be a long battle for this regulatory bodies to have that effect on the market per se. And just as we talk right now, there could be hundreds literally listing themselves in the crypto sphere.