Hassan Ahmed, Coinbase’s regional director for Southeast Asia, recently shared insights on the ongoing crypto market downturn and the potential impact of shifting U.S. regulatory policies. Speaking in a Bloomberg interview, Ahmed expressed optimism about the long-term trajectory of digital assets despite the current market weakness.
Macroeconomic Factors Driving Market Trends
When addressing the causes of the current crypto selloff, Ahmed emphasized that broader macroeconomic factors, rather than crypto-specific concerns, are influencing market sentiment.
“We’re in this macro malaise sort of phase where there’s just much more focus on fiscal policy, tariffs, rate cuts, the government U.S. debt maturing this year. And I think the market has to climb that wall of worry for all risk assets,” Ahmed explained.
With global economies facing uncertainty, Ahmed noted that regulatory clarity and financial policy decisions will play a significant role in shaping the future of the crypto sector.
A New Regulatory Landscape in the U.S.
Ahmed also highlighted the shifting stance of U.S. crypto policies, stating that recent regulatory developments signal a major change in how the industry is perceived and governed. Under the current Trump administration, there has been a move away from the previous restrictive policies of former President Joe Biden, which Ahmed describes as a “huge regulatory and structural unlock.”
He referenced past challenges such as Operation Choke Point and Operation Choke Point 2.0, which created a hostile environment for financial institutions engaging with crypto firms. However, Ahmed believes that the regulatory tide is now turning.
“We think that all of that is not only just going away, but it’s a 180-degree shift where the U.S. is leaning into crypto big time,” he said.
Strategic Bitcoin Reserves and Global Crypto Hubs
Beyond the U.S., Ahmed underscored how major financial hubs like Singapore need to reassess their approach to crypto policies. He urged global regulators to rethink their stance as the landscape evolves.
“This really does reset the playing board across the board. All jurisdictions and hubs should take a fresh look at their policies for the G20,” Ahmed stated.
He also proposed that countries looking to strengthen their foothold in the digital economy should consider establishing strategic Bitcoin reserves. According to Ahmed, holding Bitcoin as part of national reserves is a “smart idea” and something policymakers should closely evaluate.
The Road Ahead
With shifting regulations in the U.S. and growing interest in digital assets worldwide, Ahmed’s insights reflect a broader movement toward crypto’s integration into traditional financial systems. As regulatory clarity improves and institutions adapt, the crypto industry may find itself entering a new phase of growth and stability.
