Both Russian President Vladimir Putin and U.S. President Joe Biden have expressed the need to regulate the cryptocurrency space within hours of each other, leading to wild speculation online.

While some are convinced that having some form of regulation, which could lead to stable altcoins, is the proper way to make sure the crypto space continues to expand, there are plenty who fear any type of regulation or oversight, as that goes against the initial allure of cryptocurrency.

JUST IN – Biden admin is preparing executive action to regulate digital assets such as #Bitcoin as a "matter of national security," Barron’s reports.

— Disclose.tv (@disclosetv) January 27, 2022

BREAKING: The Biden admin is reportedly preparing to release an executive action to regulate #Bitcoin as "a matter of national security" pic.twitter.com/VH7PxxtZYE

— Bitcoin Magazine (@BitcoinMagazine) January 27, 2022

#Putin calls on Russia’s government and central bank to reach common ground on #cryptocurrency regulation. https://t.co/tpZUsfPf6d

— Bitcoin News (@BTCTN) January 27, 2022

The news comes as crypto across the board has crashed to levels not seen in years, dropping Bitcoin, Ethereum and more to drastic lows. It's unknown what effect this new development will have on the market as a whole, especially after China's crypto ban late last year.

Look at Elon schilling Dogecoin because he’s in bed with the Feds and knows regulation is coming. https://t.co/vNcelmGpnq

— Bitcoin (@BITCOINRIP) January 27, 2022

#bitcoin not liking this regulation news eh?

— Girolamo Carlo Casio (@INArteCarloDoss) January 27, 2022