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SEC Chair Says All U.S. Markets Could be On-Chain in ‘a Couple of Years’
In Brief
- • The SEC chair says U.S. financial markets could move fully on-chain within a few years.
- • He noted a shift in regulatory attitude toward blockchain the Trump government.
- • Pro-crypto leadership is positioning the U.S. to become the crypto capital of the world.
The U.S has been positive towards crypto and blockchain technology, but its leaders see something much bigger coming. The SEC chairman Paul Atkins says the entire U.S. market could be on-chain in a few years from now..
Atkins was speaking about tokenization on a TV program when he mentioned this possibility, stressing that it will bring more transparency in markets. He said tokenization is the direction that all industries and banks are moving to, making it the future and the trend is good for the global market.
He added that though the SEC has a reputation of being harsh to new innovations such as blockchain and crypto technology, the trend is changing now with the new government of Donald Trump and the current SEC leadership to keep the U.S. at the forefront of innovation.
Tokenization Finding a Place in the U.S.
Tokenization is the process of bringing real-world or tangible assets to the blockchain, thus creating digital versions of the assets and making them easier to trade. This is an aspect of blockchain technology that is becoming increasingly popular. Although the past administration was mostly against crypto and blockchain, the current administration is giving it a leveled playing field.
Trump has openly declared support for the crypto industry, and the heads of key agencies like the SEC are also people open to the idea of the technology. With such support, Atkins is confident that all of the markets in the country can be on-chain in just a few years from now, not up to ten.
It is in line with this vision that the president recently appointed another pro-crypto and innovation lawyer, Mike Selig, as the chairman of the commodities futures trading commission (CFTC). With the new appointment, the idea of complete tokenization of the U.S. markets is more feasible than ever.
Making the U.S. the Crypto Capital of the World
One of Trump’s top priorities is to make the U.S. the crypto capital of the world, and tokenization will certainly play a major role towards realizing this vision. The president has himself launched a memecoin project and his crypto company, World Liberty Financial recently announced the launch of a mobile video game.
With crypto-friendly regulatory heads like Atkins and Selig in place, the U.S. may be indeed on the path to becoming the crypto capital of the world as they push innovation in the industry. Already, the U.S. leads the industry with most of the top crypto companies originating from there.
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