Popular crypto analyst Benjamin Cowen says he expects the price of altcoins to go down significantly in the face of imminent regulation on the industry.
In a new interview on Digital Asset News, Cowen says that regulators could set their sights on the crypto space, potentially targeting issues such as the energy consumption of proof-of-work blockchains, or whether or not certain altcoins are unregistered securities.
Last week, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler hinted that Ethereum (ETH) could be considered a security following the leading smart contract platform’s transition to proof-of-stake.
“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.”
Cowen says such a situation could raise issues of whether or not these assets can be listed on crypto exchanges.
“We have to consider...
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