Cryptocurrency Explosion: The Global Market Revenue Set to Double in 2023
Author: David CastilloHowever, the growth of the cryptocurrency industry is not without challenges. The industry is facing ongoing regulatory pressures coming from the US, which have left many uncertain of the industry’s future. As governmental policies continue to clash between federal agencies over the classification of crypto assets and the compliance requirements that exchanges have to follow, the sector remains in a precarious position. As Subcommittee on Digital Assets Chair Rep. French Hill puts it, “We end up with uncertainty” when agencies contradict each other over the regulations concerning stablecoins.
Despite the present difficulties, the proponents of the cryptocurrency industry remain optimistic about its future. Major financial institutions are increasingly exploring blockchain technology and many industry insiders believe that clearer regulations are needed to ensure its further growth. Nonetheless, with the industry rapidly gaining a broader appeal and its total industry revenue expected to double in 2023, the cryptocurrency revolution is set to continue.