The US Government Has Given “Stamp of Approval” on #Bitcoin and Crypto: SEC Chair.
Recent developments in the White House have demonstrated that the US government recognizes and has embraced Bitcoin and cryptocurrencies.
US Securities and Exchange Commission (SEC) Chair Paul Atkins believes that the digital asset industry has come to stay in the United States. During an appearance on CNBC’s Squawk Box, he noted that all indicators point to the legitimacy of the sector as an integral part of the US economic market.
Atkins lauded the recent efforts of the current US President, Donald Trump, and Congress to create regulatory clarity for the stablecoin industry through the GENIUS Act. For context, Trump signed the bill on Saturday, following its passage in the US Senate and then in the US House this month.
The pro-crypto SEC chair claimed that this signifies that the US government has given its stamp of approval on Bitcoin and cryptocurrencies, a move never seen before in the industry’s history. Notably, it also marks a complete turnaround in the sector’s fate compared to the previous administration, where it faced a barrage of legal actions and unclear regulation. Meanwhile, Atkin emphasized that the recently approved legislation would transform the existing settlement system, which Trump mentioned was outdated. The use of stablecoins would usher in an instantaneous and cost-effective rail for the payment and delivery of securities, the commissioner’s leader highlighted.
Interestingly, the bipartisan Congress’s support and Trump’s admiration of the GENIUS Act follow sentiments that it would sustain the US dollar’s relevance and make America the undisputed leader in the digital asset scene. Top White House officials teased that the stablecoin legislation would bring in trillions of dollars to the US economy.
