Recently, crypto analyst Dr. Benjamin Cowen, who is the Founder and CEO of Into The Cryptoverse (ITC), expressed his concerns about the expected upcoming regulatory crackdown on crypto in the U.S.
Cowen’s comments were made on September 16 during an interview on YouTube series “Digital Asset News”.
According to a report by The Daily Hodl, he said:
“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...
“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?…
“Think back to when the SEC filed a lawsuit against Ripple. A lot of exchanges were de-listing Ripple or XRP in the United States. They were temporarily delisting it and what if that is like the tip of the iceberg as to what is about to happen in the altcoin market?…
“The regulation on things like proof-of-stake or just in general like are these things securities if they had ICOs, that kind of stuff. That kind of stuff can really cause a lot of fear very quickly and lead to the next leg down in the altcoin market and more specifically like the alt-Bitcoin pair where it goes back to Bitcoin.“
Last week, at an event organised by Politico, Stuart Aldertoy, who is General Counsel at Ripple, talked about the detrimental effects of “regulatory hostility” toward crypto in the U.S.
Aldertoy’s comments were made on September 20 during a conversation with Cally Baute, who is a Senior VP at…
