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U.S. SEC Chair Paul Atkins’ Optimistic Outlook on Bitcoin and Cryptocurrency
Paul Atkins, the Chair of the U.S. Securities and Exchange Commission (SEC), recently expressed a positive outlook on Bitcoin and the wider cryptocurrency landscape. In a recent interview, Atkins reiterated his dedication to fostering a regulatory environment that supports the growth and innovation within the cryptocurrency sector.
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Paul Atkins’ Bullish Statements on Cryptocurrencies
In an engaging discussion on CNBC, Paul Atkins highlighted the significant impact of President Trump’s signing of the GENIUS Act into law, marking a pivotal moment for the cryptocurrency industry. He emphasized that this legislation represents the U.S. government’s endorsement of stablecoins, which are expected to play a crucial role in the market due to their potential to reduce costs and alleviate market risks.
While the GENIUS Act and stablecoins may not directly fall under the SEC’s jurisdiction, Atkins assured that the Commission is committed to facilitating the seamless implementation of this groundbreaking legislation. He further indicated that the SEC is considering additional measures to support registrants who utilize payment stablecoins for settlement and margining purposes.
Ethereum: Not Classified as a Security
During the interview, Atkins made a significant revelation by confirming that Ethereum, like Bitcoin, is not classified as a security. He noted that the Ethereum blockchain is integral to numerous digital assets, suggesting that not all tokens should be considered securities. This statement came in response to inquiries about companies following Michael Saylor’s strategy of investing in Bitcoin or pivoting to Ethereum.
Atkins clarified that while he cannot dictate which assets companies should invest in, he finds it encouraging to witness the market’s growing acceptance of digital assets. This trend lays a solid foundation for future advancements and innovation within the cryptocurrency sector.
The GENIUS Act’s Impact on Ethereum
Andrew Keys, Chairman of Ether Machine, also shared his insights on CNBC regarding the implications of the GENIUS Act. He emphasized that Ethereum stands to gain the most from this legislation, as it hosts the majority of stablecoin issuances, potentially leading to increased adoption following the Act’s passage.
Keys pointed out that Ethereum is experiencing a power-law dynamic, with a significant majority of tokenized assets and stablecoins deployed on its network. Interestingly, Ether Machine has chosen to become an Ethereum treasury company, contrasting with firms like Strategy that focus on Bitcoin holdings.
The company plans to list on the Nasdaq through a merger, aiming to raise over $1.6 million. With a launch strategy involving 400,000 ETH on its balance sheet, Ether Machine will compete with industry players such as SharpLink Gaming.
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