Perhaps counterintuitively, investors in cryptocurrencies cheer actions taken by the Securities and Exchange Commission and other regulators to rein in some of the industry’s excesses, Bloomberg reported.

Sixty percent of  564 respondents to a Bloomberg MLV Pulse survey conducted between Oct. 17 and 21 viewed recent legal interventions as a positive development for the asset class, which had been notably volatile. Those interventions include investigations of bankrupt crypto firms Three Arrows Capital, Celsius Network, and of nonfungible token (NFT) Bored Ape collection creator Yuga Labs for securities violations.

“As a professional investor, you need a regulated investment opportunity, and it opens the doors for more professional investors to get involved in crypto, if it's more regulated,” Chris Gaffney, president of world markets at TIAA Bank, told Bloomberg. “The more they can get crypto out of the Wild West and into traditional investing, the better off it's going to be.”

Bitcoin seems to be a beneficiary of these actions. Respondents to the survey were a bit more optimistic about this form of cryptocurrency, the world’s largest by market value, then they were in July. While the value of Bitcoin has dropped by almost 60 percent, trading between $18,171 and $25,203 since July, it's doing better than respondents thought it would at the time. Almost half of respondents to the recent survey expect it to continue trading between $17,600 and $25,000 until the end of this year, as opposed to the those in the last survey, most of whom said it was more likely to drop to $10,000, then rise to $30,000.

The survey also exposed a wide range of opinions about the industry. The two most popular answers used to describe the space were “Ponzi” and “future”—a reflection of its polarizing reputation.

“The dichotomy between boom and bust perfectly describes crypto and the vast range of potential outcomes,” Victoria Greene of G Squared Private Wealth told Bloomberg. “There are so many unknowns, including regulation and platforms as well as what the hell it actually is and what it will be used for.”