A slew of regulatory moves announced this week is positive for the famously free-market-oriented cryptocurrency space, according to Fundstrat Global Advisors LLC.
Developments like the U.K. Financial Conduct Authority banning the sale of crypto derivatives and the U.S. Department of Justice issuing an enforcement framework are beneficial in the long term because they will help reduce nefarious activity in the industry, according to a report by David Grider, Tom Lee and Ken Xuan.
They cited regulators “cleaning up bad actors” as also helping. The market’s focus on news that Square Inc. bought Bitcoin and Bitcoin’s ability to push past $11,000 show that crypto can power through these things, the report said.
“Actions unsurprisingly indicate U.S. and global regulators are committed to stomping out illicit activity, securities violations, money laundering, price manipulation, and noncompliance with banking