According to Marathon Digital's CEO, the recent crypto winter has helped eliminate unscrupulous operators in the industry. Fred Thiel compared the market upheaval to the dot-com boom and believes that the stress the crypto market has gone through is forcing regulators to react. Thiel praised the regulatory efforts of the EU, UK, Hong Kong, Singapore, and the UAE but believes the US is lagging behind. He also believes that higher interest rates will make investors more risk-averse and contribute to a more commercialized crypto industry. The collapse of crypto firms could have positive side-effects, including opportunities for other players to buy up parts of collapsed firms.