In a recent keynote, SEC Chair Paul Atkins announced that the moment for cryptocurrency has arrived, highlighting some pretty ambitious policy changes to support the industry at the OECD Roundtable.
He talked about providing more clarity around how tokens are classified, simplifying on-chain fundraising, and creating integrated trading platforms that act like super apps.
Atkins stressed the importance of limiting enforcement actions, encouraging innovation, and forming global regulatory partnerships to help crypto thrive.
I read something like this on the news yesterday, but the news make on-chain capital raising as the headline or so, that something like that is legal. I think it means ICOs are legal? If so, the scam if pump and dump there will really continue. Although if they do not make it legal, that will not stop developers from doing it.
Is he having issue with Trump? I think he is doing what Trump wants. You can see many coins and tokens launched already which is launched by Trump or in connection to Trump. Examples are Trump, Melania, USS1 and WLFI.
I meant the next president after Trump. Trump cannot be elected for a third term according to the US constitution. And presidents have a tradition of firing old SEC heads.
If the new president is an opponent of Trump, then these projects will be checked first.
That would depend on who the next president is. It is still a long way away. The democrats have proved to be anti-crypto, so if they take back power, then some crypto laws would change and we could return to something as similar as the biden-era. However, if the republicans remain in power, and whoever is president undestands the importance of BTC, then things may not change.
This is good, but it has to be handled in the right way. Too much freedom and reduction in enforcement can also lead to increase in scam coins and services, so that's that.
Every president has a dilemma, if large US financial companies like Blackrock and large banks integrate cryptocurrency services, what will happen to the president who bans it?
Trump's cryptocurrency laws are not as liberal as journalists describe to us.
Fraud plays into the hands of financial companies. Banks say that fraudsters can steal your coins, so you can put your crypto in our bank and your coins will be safe... only they will not be yours anymore.
It's going to be cyclical, in case that Trump political party didn't went on the next election, then the next sitting President will just removed Atkins for being too friendly to crypto as Biden's party is against it.
So let's just enjoy while Atkins and Trump is in the office. For crypto projects to prosper at least because once the time has come, it will be a complete U-turn. Although crypto cannot be stop right now, as there are too much player inside the market and the stakes are very high. Too many powerful companies, entities that might sway the next admin, to at least lay low of having it hard for crypto projects to flourish.
In the US, case law exists, and most SEC cases involving large companies have already been settled. And business has always been above politics.
The previous head of the SEC will probably end up in the record books, because under his watch, so many fines were collected that no one will ever repeat it.