As cryptocurrencies have continued to fluctuate, many people are now calling for regulation.
- Cryptocurrencies are very volatile and as the market continues to fluctuate and experience cases of fraud. Many people are calling for regulation.
- Cryptocurrencies can be extremely down one day and soaring the next, but one thing always remains—little regulation.
- Many people were once against government regulation, but as more issues arise people are warming up and welcoming regulation.
Why it’s news
Cryptocurrencies are known to be everchanging, but one thing that doesn’t change—there is little regulation in the market.
Many crypto investors have been against regulation in the past, but are now calling for regulations to fight against fraud and to make it a serious part of the economy.
A national poll conducted by the Crypto Council for Innovation in October revealed that 52% of the 1,200 voters surveyed want the industry to be more regulated, while 7% said they think the industry should be less regulated, according to CoinDesk.
Over half of the voters in the survey said they want the regulations to focus on market stability and fraud detection.
“We need safety and soundness and clarity to the rules, and we need that legislative framework in place. It’s nice to see that a majority of people across this country believe the same thing,” says Crypto Council for Innovation strategist Cory Gardner.
The call for regulation has been a topic for a while, but is really racking the market as the crypto exchange company FTX took a deep fall and took crypto with it.
The fall of FTX was caused by the company using investor’s money to fund risky bets and losing, which would be hard to do if cryptocurrencies had more regulation.