There are a number of folks in the cryptocurrency industry who don’t want regulation at all, says Wall Street veteran now a crypto startup founder Caitlin Long. She highlighted that whether they like it or not, regulation is coming. Long predicts that regulation will prompt the industry to split into three camps.
She highlighted that the first camp will be made of those crypto companies that don’t want regulation at all and are very much committed to DeFi. They believe in voluntary associations and voluntary means of settling disputes. This group has already made some headway, and these types of structures cannot be banned.
The second camp is for those who want regulation and are keen on getting to the mainstream large-value markets. And the third camp is a small group. It has been pushing for regulation for the past two years and has gotten the Heisman onto its side. This group includes Custodia, formerly called Avanti Financial.
Long says the first camp will stay niche. The second camp is made up of Wall Street traders and hedge fund titans, who are now openly allocating a small percentage of their portfolio to Bitcoin and Ethereum. Many in this group have welcomed regulation to safeguard the interests of its clients and customers. They also aim to bring in mainstream retail investors.
In regards to the third camp, the crypto investor says it has had varying levels of success. This group has also tried to play nice with regulators whilst building crypto businesses.