The current regulatory environment presents a significant drag on asset valuations across the crypto space. Given the multitude of compliance barriers, legal uncertainties, and ongoing policy constraints that exist today, many digital assets should be trading at substantially higher multiples than their current price levels reflect.

The disconnect between fundamental value and market price stems largely from regulatory friction. Until we see clearer regulatory frameworks and reduced compliance burden, the risk premium embedded in these assets will continue to suppress their trading valuations. It's a classic case where external regulatory headwinds create artificial valuation suppression—once those barriers ease, we could expect a significant revaluation upward.