Why Memorial Day Could Mark Change In Bitcoin Trader Sentiment

Crypto Market News: While the cryptocurrency prices showed significant revival since the beginning of 2023, US regulatory scrutiny led by the U.S. Securities and Exchange Commission (SEC) has been equally intensive. Even the largest crypto market players like Coinbase, Binance and Kraken have not been spared in the recent months. The SEC has been adamant about enforcing in contradiction with the market demand for regulatory clarity. In a fresh development, the SEC clarified that it could take years to complete crypto rule making and that by that time it will take the enforcement route.

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In this context, severe criticism was seen against SEC Chair Gary Gensler for his “come, register and comply” policy. Things got even more intense after Gensler failed to answer whether the existing laws are sufficient to govern the crypto asset market.

Change In Crypto Market Soon?

In light of heightened enforcement actions against crypto businesses and the US regional banking crisis, the Bitcoin price has been witnessing sideways movement associated with some loss in value over the last few weeks. Meanwhile, the crypto market sentiment was actually dominated by the memecoin frenzy with the likes PEPE Coin grabbing investor attention since its launch in April 2023. In this context, crypto influencer Ran Neuner believes the ongoing regulatory scrutiny could soon ease off as we approach the US election year. Further, he predicted that the SEC may not initiate as many enforcement actions starting from around Memorial Day, May 29, 2023.

Neuner added that Gary Gensler could be replaced from the SEC top post if Republicans emerge victorious in the upcoming US election.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.