Samer Hasn Expects Greater Regulatory Oversight in 2024
Samer Hasn, market analyst at asset broker XS Group, believes that increased regulatory oversight in the crypto industry will benefit investors. He suggests that the recent conviction and resignation of Changpeng Zhao from Binance will not be an isolated incident. Instead, it may lead to a more compliant and transparent market, which could build confidence among lawmakers and law enforcement authorities in the US. Hasn predicts that Bitcoin, as the largest cryptocurrency, will face dual oversight from the Department of Justice and the Department of the Treasury, which will help alleviate concerns about market manipulation.
Crypto Concerns: Addressing Illicit Activity
One major issue affecting the crypto sector is its association with illicit activities like money laundering and tax evasion. Hasn explains that weak control procedures have led to heightened scrutiny from law enforcement agencies. He references Coinbase CEO Brian Armstrong’s criticism of “bad actors” in the industry and highlights Binance’s $4.3 billion settlement with regulators as a turning point for the sector. Hasn believes that these measures will enhance investor confidence and reduce fears of major collapses like what occurred with FTX.
What’s Next for Crypto: SEC Approval for Bitcoin ETFs
While progress is being made in some areas of the crypto industry, there are still many unresolved matters. The anticipation for the approval of 13 spot Bitcoin ETF filings by the US Securities and Exchange Commission (SEC) continues to grow. Several prominent issuers, including BlackRock, Bitwise, VanEck, and WisdomTree, are awaiting approval. Hasn highlights Jan. 5 and Jan. 10 as important dates when Bloomberg analysts expect a potential window for SEC approval. Despite this being a hopeful prospect rather than a guarantee, Hasn notes that market sentiment is positive, as reflected in Bitcoin’s recent price increases.
Hot Take: Increased Regulatory Oversight Positively Impacts Crypto Market
Samer Hasn, market analyst at XS Group, believes that the expected increase in regulatory oversight in the crypto industry will benefit investors. He argues that recent events, such as the conviction and resignation of Changpeng Zhao from Binance, will lead to a more compliant and transparent market. This, in turn, will instill confidence among lawmakers and law enforcement authorities in the US. Hasn also suggests that dual oversight of Bitcoin by the Department of Justice and the Department of the Treasury will help alleviate concerns about market manipulation. Overall, these regulatory measures are expected to enhance investor confidence and reduce fears of major market collapses.
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