Next year, crypto investors could reap the rewards of recent positive developments, according to Paul Atkins, the new chairman of the U.S. Securities and Exchange Commission (SEC). Could a bull run be on the horizon?
New SEC Chairman Optimistic About Crypto #
A fresh wind is blowing at the U.S. SEC this year. After years of resistance under crypto critic Gary Gensler, pro-crypto Republican Paul Atkins was appointed as the new chairman in the summer.
Unlike his predecessor, Atkins is positive about crypto and is working on ambitious plans to simplify regulation, including the recently announced Project Crypto. He also reportedly plans an ‘innovation exemption’ from certain rules for crypto companies.
The SEC appears to align with broader White House efforts to encourage crypto adoption in the U.S. Since President Donald Trump took office, the U.S. government has aimed to go big on crypto. Plans include a strategic bitcoin reserve and large-scale use of stablecoins. Yet, the crypto market has been in a slump for several months.
Finance Executive Atkins: ‘You Haven’t Seen Anything Yet’ #
We’re only at the beginning, Atkins said Tuesday during the Blockchain Association Policy Summit in Washington, D.C., where crypto and political leaders gathered. ‘You haven’t seen anything yet,’ Atkins stated. Starting next year, the effects will become noticeable, and the first fruits can be harvested:
“As for next year, all the seeds we’ve planted can begin to sprout and grow.”
While the SEC aims for major strides, much depends on the U.S. Congress. Lawmakers are working on a new crypto law that would shift some authority to the Commodity Futures Trading Commission. The Senate is trying to pass the bill through the Banking Committee this year, but negotiations are tough.
New SEC Chairman, Fresh Fed Chairman #
Beyond the SEC, change may also be coming at the U.S. Federal Reserve. After a long period of high rates, the central bank cut rates in September for the first time. Expectations are high for a second rate cut this week. Analysts say this is good news for crypto, as more money could flow into the market.
Additionally, Fed Chairman Jerome Powell’s term is ending soon. Many speculate Trump will appoint a successor who lowers rates further and is more pro-crypto than the current chairman.