I believe any crypto related headlines from this event will be bearish in the short term but in the long term I feel it's extremely bullish for mass adoption.
I sincerely doubt that they are going to just talk about outright banning cryptocurrency, rather they just want to heavily regulate all global crypto exchanges/vendors and make them report all large transactions to prevent bad actors from exchanging crypto and so they can recover illegaly obtained bitcoin.
This is bad news for criminals that want to get paid in bitcoin, but there will always be ways that they can circumvent this with most probably opting to use a privacy coins instead.
Why would they ban bitcoin when they think they can control it and tax the fuck out of it. the worst think that could possibly come from this is some retroactive crypto tax.
This "heavy regulation" they've been talking about will just make institutions more comfortable investing in crypto and also increasing the likelihood of the SEC approving crypto related ETF's.
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