Risky assets continue to rise, but crypto assets have underperformed the Nasdaq index by 24% since early May, after gaining 52% year-to-date, according to Bank of America. America) said in a June 16 investigative report.
“Crypto sentiment remains unfavorable as US Securities and Exchange Commission (SEC) enforcement actions bring regulatory uncertainty and weigh on token prices,” said analyst Alkesh Shah. Shah and Andrew Moss said, adding that “cryptocurrency trading platforms are just part of a wider ecosystem.”
In early June, regulators announced that they would be suing Binance.US, the operator of Binance.US, and its founder, Changpeng Zhao, AKA CZ, for allegedly violating federal securities laws. A day later, it also sued rival exchange Coinbase on similar charges.
Bank of America’s excessive focus on regulatory headwinds, Bitcoin exchange-traded fund (ETF) approvals, and illicit activity has led to a “rapid development of distributed ledger and blockchain technology infrastructure.” It casts a shadow over integration with
Among other things, the report adds that it is a “private, permissioned distributed ledger and blockchain subnet” that enables tokenization of traditional financial assets.
The bank said it expects blockchain infrastructure and tokenization to “transform financial and non-financial infrastructure and markets over the next five to 10 years.”
｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Original: Crypto Market Regulatory Uncertainty Overshadows Blockchain Development: Bank of America