It seems every major crypto company, from Coinbase and Binance to Block, are facing either intense regulatory action or fraud allegations.

The fiat-crypto on-ramps are being scrutinized and shuttered. I have no opinion whether it’s all correlated and intentional or not, but the fact is it is happening.

The end result is big money throwing in the towel on the space—at least for the time being. Why invest in an asset class that is under this much scrutiny from regulators? Or, this is the regulatory clarity investors have been waiting for. Perhaps in a year or so, investors have the regulatory clarity they were missing—just in time for the halving. Regardless, the space may labeled “not investable” in the short term.

The fog of war will cause volatility, like to the downside as investors pull money from the space, giving us plebs more time to accumulate at lower prices before the next cycle begins.