Original Title: "What Did the New SEC Chairman Say Last Night? -- The Post-Crypto Era is Coming"
Original Source: Master Brother from Australia
The Chairman of the U.S. Securities and Exchange Commission (SEC), Paul S. Atkins (aka the Crypto Tsar), delivered a keynote speech last night at the roundtable discussion titled "Tokenization: Asset on the Chain -- The Intersection of Traditional Finance and Decentralized Finance." He is a key figure in the development of the crypto industry in the coming years, and with a new official comes new initiatives, so it's essential to understand what he aims to do. Therefore, I have roughly summarized the key points of his speech and the potential impacts on the industry.
- Streamlined Version: He wants to establish clear rules and move away from managing the market through "penalties as a deterrent." Everyone should know where the boundaries are, allowing the crypto industry to innovate confidently and issue tokens without worry. Additionally, he aims to make the U.S. the most hardcore crypto hub globally (a new compliant token issuance platform -- Crypto Nasdaq -- is highly likely to emerge). If you're interested, you can read the details below or scroll to the bottom to see my speculations on potential changes in the industry.
Summary of Key Points:
1. Clarifying Crypto Asset Issuance Rules: Atkins pointed out that the existing registration forms and disclosure requirements are inadequate for the characteristics of crypto assets, leading many project teams to avoid the registration process. He proposed creating new rules and exemption mechanisms to provide clear and reasonable guidance for crypto asset issuance.
2. Expanding Asset Custody Options: He supports providing more custody options for registered institutions regarding crypto assets, including allowing compliant self-custody under certain conditions to meet the needs of technological development.
3. Enriching the Range of Trading Products: Atkins advocates for allowing registered institutions to offer a wider variety of trading products based on market demand, breaking the restrictions on crypto trading and promoting the integrated trading of securities and non-securities assets.
This speech marks an important step for the SEC in regulating crypto assets, providing clearer policy expectations for industry participants and signaling that the crypto market will enter a more standardized and diversified development phase.
What Impact Will This Have on Various Industry Players?
CEX Will Further Diversify:
- U.S.-based trading platforms may be the first to integrate compliant issuance channels, such as Coinbase, which already have legal reserves and regulatory experience, likely becoming the first batch of "Crypto Nasdaq" platforms.
- Platforms like @binance and other pan-Asian trading platforms will need to make strategic choices: either accelerate their overseas layout and align with compliance or focus on the "non-U.S. market" to continue dominating the retail battlefield. In simple terms: either accept regulation and become legitimate players or become outlaws and rule the mountains; there is no gray area left.
· Project Diversification: For capable projects, it is highly likely they will gravitate towards compliant platforms (collectively referred to as Crypto Nasdaq), as legitimate funds and institutions will prefer to invest in projects issued on compliant platforms, leading to "compliance first, then financing" becoming a new paradigm. Tokens issued on compliant platforms will have the opportunity to gain greater liquidity and long-term investors, as compliant assets can be included in formal accounts and avoid SEC accountability risks, making it easier for previously unable institutions to enter the market -- this is new blood.
· Token Diversification: If compliance is required, then the nature of tokens will begin to have clear legal definitions, and project teams must specify whether the token is an equity type, debt type, or utility type, rather than simply using "governance token" as a catch-all. Valuation logic will resemble that of U.S. stocks: P/E ratios, income dividends, regulatory compliance, and other factors will become valuation anchors, while simple narratives and pure meme speculation will be suppressed. In simple terms: your token must either conform to U.S. stock valuation logic or become completely meme-based; there will be no more gray areas.
· Retail Investor Diversification: Retail investors can participate in new offerings and early subscriptions through compliant platforms, but the participation threshold will increase, possibly requiring specific products to be open only to "qualified investors," similar to the U.S. Accredited Investor standard. The benefit is that subsequent speculation on altcoins will become as legitimate as stock trading, no longer just a niche group's self-indulgence, potentially further opening up the participant pool. Moreover, with a clear valuation logic in place, the likelihood of many top projects experiencing a 90% drop upon launch will significantly decrease. A new wealth effect from initial offerings may emerge, and I will definitely register to participate at the first opportunity.
Finally:
It seems the Crypto Tsar is aiming for something significant, to formalize the crypto market, which is a good thing for an industry that has been around for over a decade, as it cannot continue to grow wildly forever. With change comes opportunity; are you ready?
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