After soaring bullishly, Bitcoin is facing regulatory scrutiny

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  • Bitcoin is getting mainstreamed but not because of its origin but as an asset class
  • With gaining more and more attention, the token has also attracted regulators
  • The crypto fans are concerned because of the upcoming Biden administration
  • The chairman office of the US SEC is soon to be transferred from Jay Clayton to Gary Gensler

This Bitcoin has shown the world what digital assets are capable of. Recently the world observed that several individuals are purchasing Bitcoins, but the reason is not the tokens’ origin as an alternative to government-issued fiat currencies. Indeed, inventors like Paul Tudor and Druckenmiller have considered Bitcoin as an asset class of its own. On the other hand, several die-hard institutions have felt the currency as an inflationary hedge. However, observing the facts, the buying of BTC is now not comporting with its origin, which uncovers the growing acceptance of crypto as an asset class.

With greater attention, Bitcoin is also attracting regulators

According to Matt Hougan, the chief investment officer of Bitwise Asset Management, if Bitcoin is getting mainstreamed, then it seems like 2021 can be very bullish for the token. According to Guy Hirsch, the managing director of the eToro crypto trading platform, as on one side, the leading cryptocurrency is gaining greater attention. On the other side, it’s also getting inspected by regulators. Additionally, Hirsch explained that some storm clouds are on the horizon of the token rise, which includes the change in Trump’s administration. According to Meltem Demirors, the chief strategy officer of CoinShares, there is an area of concern about the upcoming Biden administration, basically for the crypto sector.

Why is the industry concerned about the new administration?

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Demirors explained that the industry had had challenges, as the administration prefers more regulation and oversight. Notably, the main issue to worry about is the way things in the cryptosphere are trending. He also highlighted that the uptrending items include antitrust lawsuits and destruction of internet privacy. However, yet the sector has some allies, including Patrick McHenry from North Carolin and Warren Davidson from Ohio, who are in total support to preserve the user’s financial privacy. According to several strategists and inventors in the cryptosphere, after Biden will hold office, the crypto sector could face more scrutiny and tighter regulations.

One issue came to bring little confidence in the cryptosphere

According to a Bloomberg report, it is revealed that Jay Clayton, the chairman of the US SEC, will soon leave its office. And the new candidate to get the office is Gary Gensler. The news of Clayton’s exit from the office has created a vote of confidence among the crypto fans, as he took several hard lines over his ruling period. On the other hand, Gensler, who served as the chairman of the US CFTC during Obama’s administration, also teaches blockchain technology and virtual currency. 

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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