The $2.6 trillion market cap peak compelled regulators worldwide to take a serious look at cryptocurrencies, but they also don’t want to stifle a growing industry, CoinShares chief strategy officer Meltem Demirors said.
Stating that “uncertainty is the name of the game for the industry,” Meltem Demirors noted that it took over the macro environment for the last few weeks. “Gary Gensler, the chair of the SEC, has indicated he wants to get more serious about regulating crypto exchanges,” she added, “Across the world, we are seeing regulators starting to take note.”
Cryptocurrencies started this year with under $1 trillion total market cap, peaking at $2.6 trillion a few weeks ago. Demirors said regulators are starting to take the asset class seriously. “We will continue to see uncertainty why the industry, investors, and speculators alike wait to see how regulation shapes up,” she added.
Speaking on regulators’ perception of the market, Demirors said that regulators want to ensure Know Your Customer and