The U.S. SEC Chair, Paul Atkins, recently discussed Bitcoin and crypto in general while making some bullish statements for the industry. He again affirmed his commitment to providing a regulatory-friendly environment for the industry.
Paul Atkins Talks Bullish on Bitcoin and Other Cryptos
In a CNBC interview, Paul Atkins remarked that Trump’s signing of the GENIUS Act into law was a great watershed for the crypto industry. He added that for the first time, the U.S. Government has also given its stamp of approval for stablecoins. He described these types of digital assets as ones that will be very important for the market, as they help lower costs and mitigate market risk.
The SEC Chair noted that the GENIUS Act and stablecoins don’t exactly concern the Commission, unlike the way they have focused on Bitcoin and other cryptos. However, affirmed that his agency is committed to enabling the smooth implementation of this crypto legislation. Atkins had also previously stated that they would consider additional steps that might help assist SEC registrants using payment stablecoins, including for settlement and margining.
Furthermore, during the interview, the SEC Chair dropped a bombshell when he confirmed that Ethereum is not a security, just like Bitcoin. He added that the Ethereum blockchain is a key component for a lot of other digital assets, suggesting that tokens are also not necessarily securities.
Akins made this comment while answering a question on companies that were looking to emulate Michael Saylor’s Strategy by buying Bitcoin while some are pivoting to Ethereum. He remarked that he is not in a position to tell these companies what assets to buy or not. However, the SEC Chair acknowledged that it is encouraging to see these digital assets being embraced by the markets. He added that this will provide a good foundation for future development and innovation in the sector.
GENIUS Act Will Benefit Ethereum The Most
Ether Machine Chairman Andrew Keys was also on CNBC to discuss the passing of the GENIUS Act. He declared that Ethereum is the largest beneficiary of the crypto legislation. He explained that the majority of stablecoins are issued on the network, meaning that Ethereum is likely to witness greater adoption following the signing of the GENIUS Act.
Keys further remarked that Ethereum is experiencing power-law dynamics, whereby “90% of tokenized assets and stablecoins” are deployed on the network. It is worth noting that Ether Machine has opted to become an Ethereum treasury company rather than one that holds Bitcoin like Strategy.
The company will list on the Nasdaq through a merger and is expected to raise over $1.6 million. The company aims to launch with 400,000 ETH on its balance sheet, competing with companies like SharpLink Gaming.
Featured image from iStock, chart from Tradingview.com
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