• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Regulatory scrutiny “very healthy” for the crypto industry, Bitmain’s Jihan Wu suggests
Cardano

Regulatory scrutiny “very healthy” for the crypto industry, Bitmain’s Jihan Wu suggests

July 13, 2021 by Sahana Kiran

The regulatory pressure on the crypto-verse hit a new high this time. From countries like China banishing the entire crypto mining industry to an array of regions ousting Binance, the crypto industry endured a significant setback these last couple of days. The founder of a prominent crypto mining firm believed that regulatory pressure was, in fact, good for the growth of the industry.

2021 undoubtedly started on a good note for the crypto sphere. With Bitcoin raging up to a high of $60K, the market had a good run. This surge in price also brought the industry popularity. After the crypto industry managed to amass increased attention, regulators from across the globe started paying more heed to the market.

Bitmain’s former CEO, Jihan Wu, suggested that this was all for the best as it negates the bad actors from the industry.

Regulatory pressure a good thing for crypto?

Recently speaking to CNBC, Jihan Wu elaborated on how the latest regulatory scrutiny would favor the crypto-verse. Noting that it is a highly healthy procedure, he added,

“I think the regulatory pressure is stronger than before but it will get a lot of bad actors out of the industry and make sure that the industry’s reputation is much better than without it. So I think this kind of a crackdown may be a good thing for the industry in the long term.”

The crypto industry had to wait a long time to brush off comments surrounding its association with the dark web. Even after several years, authorities across the globe continue to connect the crypto industry with the dark web and its perils.

Furthermore, Wu pointed out that the crypto market was a “fast growing financial sector,” which is progressing into becoming a trillion-dollar industry. Wu also stated,

“It’s growing almost to like a trillion dollar market cap industry, and more than 10% of the United States’ citizen have already got some involvement with cryptocurrency.”

Filed Under: News, Altcoin News, Bitcoin News, World Tagged With: bitmain, jihan wu

Primary Sidebar

Recent Posts

  • JPMorgan Begins Utilizing Blockchain for Collateral Settlements May 27, 2022
  • MetaMask Joins Hands With Asset Reality to Assist in Recovering Stolen Crypto May 27, 2022
  • Bitcoin knowledge, the biggest flex May 27, 2022
  • Fakesters use LUNA 2.0 airdrops to target users May 27, 2022
  • Tether-ing in Mexico May 27, 2022

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2022 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.