Bitcoin holds firm as crypto industry pushes back against SEC

Bitcoin’s price action and the evolving U.S. regulatory environment surrounding cryptocurrency were the key topics in a conversation between Scott Melker, host of The Wolf of All Streets, and David Packham, CEO of Chintai.

As bitcoin holds firm above $60,000, both Melker and Packham discussed how external factors like political shifts and SEC policies could shape the market in the coming months.

David Packham noted that market expectations for October often don’t materialize as expected. He explained, “Bitcoin price has been somewhat disappointing compared to expectations,” but he remains optimistic, pointing out that the SEC’s recent admission of regulatory mishandling signals potential for future changes. “We’ve even got on Kamala Harris’s side a softening of the approach towards crypto generally,” he added.

Scott Melker echoed Packham’s sentiments, stating, “Mark Uyeda… effectively admitted that the SEC’s tact is wrong,” referring to Uyeda’s critique of SEC leadership on Fox Business. He also mentioned the Wells notice sent to Crypto.com, illustrating that while regulatory actions continue, pushback from the crypto industry is becoming more common. “There’s no fear in the crypto industry anymore of the SEC,” Melker remarked.

Packham responded by acknowledging the resilience of the crypto sector, saying, “Crypto is not this tiny little industry they can push around anymore.” He predicted a major shift in SEC behavior and hinted at possible leadership changes within the regulatory body. “I think the SEC’s behavior like this is coming to an end,” Packham suggested, signaling a potential thaw in the regulatory landscape.

Melker highlighted the increasing involvement of traditional financial institutions, mentioning a report showing that 50% of traditional hedge funds have exposure to crypto. He observed, “We have effectively endless tailwinds… maybe people should just be patient and wait.” This growing institutional adoption, combined with regulatory changes, could drive significant future growth in the space.

In closing, Packham emphasized that while no one can predict the future, bitcoin could see substantial gains in the near future. “It does point towards potentially many multiples higher in this cycle,” he concluded, with both speakers agreeing that patience will be key as the market and regulatory environment continue to evolve.