• Despite the pessimism around regulatory oversight, Americans still have faith in the long-term prospects of cryptocurrencies.
• U.S. financial regulators have been receiving a lot of flak from crypto market participants for their recent actions to stem the growth of digital assets.
• According to a survey, nearly 70% Americans felt that Bitcoin [BTC] would return to its all-time high (ATH) over the next five years.
Americans Remain Bullish on Cryptos
Despite growing concerns about regulatory oversight, a majority of Americans remain optimistic about the long-term prospects of cryptocurrencies. A recent survey conducted by CryptoVantage found that nearly 70% people believe that Bitcoin will reach its all-time high (ATH) within the next five years.
U.S Financial Regulators Under Fire
The U.S financial regulators have been facing criticism for their attempts to restrict growth in the digital asset space. The SEC has initiated legal action against major trading platforms such as Binance and Coinbase for alleged violations of U.S securities laws while entities like Kraken and Binance USD [BUSD] have also come under scrutiny in 2023. Decentralized finance (DeFi) activities, emerging as a hot sector in Web3 realm, have also been targeted with a bill proposed by the senate last week which seeks to bring DeFi products under anti-money laundering and economic sanctions compliance requirements.
Market Reaction
This news has had an adverse effect on crypto prices with top assets turning red instantly upon hearing this news. Investors fear that economic environment is becoming increasingly hostile for cryptos and blockchain-based services in America which is currently considered to be the global epicenter of this industry at present time.
Ripple CEO Brad Garlinghouse Responds
Ripple CEO Brad Garlinghouse responded strongly to these developments calling out U.S Securities and Exchange Commission (SEC) as „a bully“ for its actions during a recent Bloomberg article interviews
Conclusion
Despite all these regulatory hurdles, it appears that faith among American investors remains strong with most believing that Bitcoin will reach its ATH within 5 years time period
