How Does the Lack of Centralized Regulation Affect the EMH in the Crypto Space?

A lack of centralized regulation allows for greater market manipulation, insider trading, and less transparency, all of which hinder market efficiency. Without strict rules and enforcement, the Strong and Semi-Strong forms of EMH are easily violated.

This results in more pronounced and sustained arbitrage opportunities. Regulation, such as mandatory disclosure, is generally seen as a driver of market efficiency.