According to Bitwise’s chief investment officer, crypto investors may underestimate the scope of the new stance of U.S. securities regulators on cryptocurrencies, meaning there may still be room for cryptocurrency prices to grow.
SEC Chairman Paul Atkins publishing His speech on July 31 The First Institute of Policy in the United States About how to integrate blockchain into financial markets.
Matt Hougan of Bitwise Tuesday explain The speech caught him off guard and made him wonder if Atkins’ vision has been priced into the market.
“The most bullish document I’ve read on Crypto wasn’t written by Yahoo on Twitter. It was written by the SEC Chairman.”
“I can’t imagine reading a speech without wanting to allocate most of the capital to cryptocurrencies, or, if you’re in finance, it’s a big part of your career,” Hougan said.
The cryptocurrency market has been greatly gained since the election of U.S. President Donald Trump, who promises to change the leadership and direction of the SEC.
in front Chairman Gary Gensler He resigned on January 20 and Trump took office.
It soared again when Paul Atkins took on the replacement chair on April 21.
Under his rule, the institution had Dismissal of long-term law enforcement actions Opposing crypto companies, recently launched Project Crypto, an initiative to create clear regulations.
Still, the market may not fully understand the meaning of the SEC change, Hogan said.
“I realized I had to think bigger – and move to a faster schedule. If it didn’t price me, I would guess it didn’t price someone else.”
SEC’s Paul Atkin’s vision for cryptocurrency
Atkins said in his speech that the SEC is considering the best approach, among other measures Ensure rules and regulations Don’t kill the growth of the OnChain market.
“Just like the SEC Chairman has taken all the best ideas that crypto supporters have been promoting over the past decade and packaged them in a speech, as well as detailed information on how the SEC can really make them possible,” Hougan said.
“In speaking to investors, there’s a lot to be removed; you can build an entire venture capital firm around the Chairman’s vision, creating a company to take advantage of every opportunity he offers.”
Blockchain and super apps at the top of the list
Hogan said that based on speeches on all assets (such as stocks, bonds and dollars) at Atkins said in his speech, it could be prepared for growth. Public blockchains.
“It doesn’t take genius to see it: if all assets are transferred to public blockchains, then you want to get exposure to those blockchains,” Hougan added.
Meanwhile, the super app mentioned by Atkins (Coinbase and Robinhood) Already considered a conceptmaybe another area to grow.
“I’m going to be here around a body: One of the companies could be the largest financial services company in the world, or even the first financial services company worth over $1 trillion,” Hogan said. Atkins just gave them a roadmap.”
Defi can thrive with clear regulations
Hogugan, but also predicted Decentralized Finance (Defi) Apps can benefit from a more friendly SEC after regulating grey areas.
Related: Crypto entrepreneurs are fleeing the United States, but we can bring them back
In his speech, Atkins said Didi will play an important role in the future after suffering under the lockdown of a hostile regulatory environment.
“With clearer clarity, these numbers can be increased by 10 times? 50x? 100x? As a merger of traditional and crypto markets, there is a great opportunity.”
Magazine: SEC’s turnaround on cryptocurrencies leaves key issues
