Lee: Cryptocurrency Market Can Continue Rally Despite Failed Regulation Bill
Despite the failure of the CLARITY Act to advance in the Senate, Tom Lee, Chairman of BitMine, believes that the cryptocurrency market could continue its rally. He pointed out that real user and investor demand is more important than any single regulation for the future of the industry.
In an interview, Lee stated that the passage of the CLARITY Act would create a clearer regulatory framework for the industry and make the role of the US Commodity Futures Trading Commission (CFTC) more explicit. However, he argued that its failure will not completely halt regulation in the sector.
The US Securities and Exchange Commission (SEC) and the CFTC will continue to work on regulations for the cryptocurrency sector within their existing legal powers. Lee cited prediction markets as an example of growth continuing despite regulatory uncertainty.