According to the Chief Investment Officer of Bitwise, cryptocurrency investors may have underestimated the extent of the U.S. securities regulators' new stance on cryptocurrencies, which means there is still room for cryptocurrency prices to rise.
The Chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, delivered a speech on July 31 at the American Priority Policy Institute, discussing how blockchain integrates into financial markets.
Matt Hougan from Bitwise stated on Tuesday that the speech caught him "off guard" and made him ponder whether Atkins' vision has been priced in by the market.
"I can't imagine reading this speech and not wanting to allocate most of your capital to cryptocurrencies, or if you're in finance, not wanting to invest most of your career in it," Hougan said.
Since Donald Trump was elected President of the United States, the cryptocurrency market has surged significantly, with Trump promising to change the leadership and direction of the SEC.
After former Chairman Gary Gensler resigned on January 20, following Trump's inauguration, Bitcoin soared to new all-time highs.
When Paul Atkins was sworn in as the new chairman on April 21, Bitcoin surged again.
Under his leadership, the agency has withdrawn long-standing enforcement actions against cryptocurrency companies and recently launched Project Crypto, aimed at establishing clear regulatory rules.
Nevertheless, Hougan indicated that the market may not yet fully grasp the implications of the SEC's changes.
In his speech, Atkins stated that the SEC is considering the best ways to ensure that rules and regulations do not stifle the growth of on-chain markets.
"It's as if the SEC chairman packaged all the best ideas that cryptocurrency advocates have promoted over the past decade into one speech and detailed how the SEC can actually realize those ideas," Hougan said.
Hougan noted that based on Atkins' comments in the speech about all assets (like stocks, bonds, and dollars) moving to public blockchains, blockchain may be poised for growth.
"It doesn't take a genius to see: if almost all assets are going to move to public blockchains, you want exposure to those blockchains," Hougan added.
Meanwhile, the super apps mentioned by Atkins (which Coinbase and Robinhood have already embraced as a concept) could be another area poised for growth.
"I'm going to take a risk and say this: one of these companies could become the largest financial services company in the world, and it might even be the first financial services company valued at over $1 trillion. Atkins just gave them a roadmap," Hougan said.
Hougan also predicted that decentralized finance (DeFi) applications, having lived in a regulatory gray area, will benefit from a more friendly SEC.
Atkins stated in his speech that after suffering under a hostile regulatory environment, DeFi will play an important role in the future.
"With greater clarity, can these numbers rise 10 times? 50 times? 100 times? The opportunities are immense as traditional markets and cryptocurrency markets converge," Hougan said.
Related: The head of the Cryptocurrency Innovation Committee (CCI) claims that "the time has come" for the U.S. to lead the global cryptocurrency race.
Original: “Bitwise Executive Says SEC's Crypto Pivot 'Not Priced In'”
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