Raoul Pal, a former Goldman Sachs GS executive and global macro investor, on Monday shared his thoughts on the future of the cryptocurrency industry.
What Happened: Pal predicts the United States will develop a highly regulated, TradFi-integrated Regime of major players that will become fewer in number over time, forming an oligopoly.
He said an Asian regime of one or two Chinese Communist Party-approved major players that are more globally South in nature is also anticipated.
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Pal foresees a global Regulatory Arbitrage Regime connecting the U.S. and Asian Regimes, creating an environment that is larger than both combined.
“Basically, that is how the existing financial system works due to geopolitics, along with technology and other key economic systems. Capital finds a way. Always,” he said.
Binance CEO Changpeng Zhao was sued by the Commodity Future Trading Commission for alleged crypto trading and derivatives violations and called Ethereum ETH/USD a commodity.
Price Action: ETH was trading at $1,728 down 1.32% in the last 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Slide After CFTC Lawsuit Against Binance: Analyst Expects Apex Crypto To Touch $30K If Macroeconomics Remains Favorable
Photo: Courtesy of CoinDesk on Flickr