Benjamin Cowen, one of the famous crypto analysts, due to the new regulation rules planned by the states altcoins He claimed it would lose a lot of value.
“Digital Asset News” Speaking in a live stream on his YouTube channel, Cowen spoke about using a proof-of-work (PoW) network. blockchain stated that their projects use high energy. According to the analyst, high energy use has been in the eyes of governments lately. There is also an ongoing debate about whether cryptocurrencies are a security or not.
When asked why he thinks so, Cowen pointed to the statements made by the SEC chairman in recent days.
Gary Gensler, Chairman of the US Securities Commission (SEC), recently hinted that Ethereum could be classified as a security following its transition to a proof-of-stake (PoS) network.
“I think altcoins are facing big challenges in the coming days. Many of them work on the PoW network. And the story to be written for this decline will be based on regulations.”
Cowen thinks that stock market listings will suffer if regulators focus on altcoins using the PoW network. SEC, Ripple When he first sued, many cryptocurrency exchanges delisted XRP.
According to the analyst, it is worrying that governments look at cryptocurrencies using proof-of-work and differently to cryptocurrencies using proof-of-stake.
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