SEC Chairman's Prediction: Cryptocurrency Will Become the New Foundation of Global Finance in the Coming Years
SEC Chairman Paul Atkins recently made a significant prediction in an interview, stating that Bitcoin and a broader range of crypto assets will become the foundational basis of the global financial system in the coming years, "this will be the direction of world development."
This statement echoes the SEC's recent push for upgrading financial infrastructure, which is centered on the systematic transition of the traditional financial system towards crypto-native technology, particularly the “on-chain migration” of securities assets.
The SEC Chairman likened this transformation to the revolution in the music industry from vinyl records to digital audio, believing that blockchain technology can transparently distribute rights through smart contracts, activate illiquid assets, and create entirely new models for issuance, trading, and holding in the capital markets, just as MP3 fundamentally changed the audio distribution landscape.
Specifically, the transformation involves not only asset tokenization but also the on-chain reconstruction of traditional financial infrastructure. Previously, market experts predicted that all markets in the U.S. might achieve on-chain operation and settlement within the next 2 years, realizing clearer ownership confirmation through blockchain.
This transformation is not without precedent; it is built on the new regulatory framework for crypto assets that the SEC is constructing. Regulatory agencies have clearly stated that they will move away from the past model of "enforcement as policy" and instead establish clear standards for the issuance, custody, and trading of crypto assets through formal rules, optimized exemption clauses, and improved disclosure guidelines.
For example, regarding issuance, the SEC plans to adjust traditional registration forms to fit the characteristics of crypto assets; in terms of custody, it will abolish restrictive accounting rules and clarify the definition of “qualified custodians”; however, in trading, it will support brokers in creating integrated service platforms for securities and crypto assets. All these measures aim to solidify the U.S.'s leadership position in the global crypto space.
In summary, although Bitcoin has speculative and high volatility characteristics, as the dominant player in the crypto asset market, it is clearly defined as a non-security, making it more akin to a tool for value storage.
This series of statements and reform measures from the SEC is building a systematic framework and development path for the transition of the traditional financial system to crypto technology, emphasizing both innovation and risk control.
