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(as of 2:45 AM UTC, May 22, 2023)
The cryptocurrency market seems to be finding its footing after a period of heightened volatility. Bitcoin and Ethereum are experiencing a slow downward consolidation phase. Despite Bitcoin trading between $25k-$27k and Ethereum around $1.8k, investors and market experts view this period as an essential pause, offering the market a breather after the rollercoaster ride of previous months.
However, the crypto market isn’t just about Bitcoin and Ethereum. Case in point: Tornado Cash’s TORN token. Its value recently plummeted due to a vote fraud incident within its Decentralized Autonomous Organization (DAO), illustrating the potential security vulnerabilities in decentralized systems. The swift response by the Tornado Cash community to reverse the unauthorized code changes has begun to restore market confidence, with TORN’s value on the recovery. It’s a reminder that effective governance mechanisms and robust security protocols are vital for the health of DAOs.
Beyond these individual cryptocurrency trends, a macro shift is occurring. According to Open Secrets, the first quarter of 2023 saw a surge in lobbying activities by crypto-related entities, including Tether, the Blockchain Association, and Paxos. Despite their efforts, crypto lobbying pales compared to traditional finance’s lobbying muscle, as reflected in the figures for the American Bankers Association and Citigroup.
This increase in lobbying expenditure implies an ongoing maturation within the crypto sector, acknowledging the reality of today’s political and regulatory landscapes. It also suggests anticipation of forthcoming regulatory changes and a proactive stance in engaging with these changes. However, the question remains whether the crypto sector can compete with established financial institutions in influencing policy. Time, no doubt, will tell.
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