The decisions of regulators in major cryptocurrency markets like the United States and China have a definite impact on pricing considerations. This is true for Bitcoin and altcoin across the board. The SEC classifies digital currencies as securities, while the CFTC classifies digital currencies as commodities. The more stringent the actions of regulators, the worse the effects on cryptocurrencies in general. In May 2021, Chinese regulatory agencies announced a major crackdown on cryptocurrencies. This sent the market into a tailspin, as hundreds of billions of dollars were wiped out. Uniswap trading trended strongly bearish, alongside major other cryptocurrencies.