Paul S. Atkins, the new chairman of the U.S. Securities and Exchange Commission (SEC), took the oath of office on April 21, 2025, while still in the Easter holiday.

Atkins is known for supporting digital asset innovation and advocates for promoting the development of the blockchain and cryptocurrency industry through clear and relaxed regulatory frameworks.

He once criticized the strict enforcement approach of former chairman Gary Gensler, believing it hindered market innovation.

Atkins stated in his inauguration speech:

  • Digital assets are a future component of financial markets, and clear and fair regulatory rules must be established to provide compliant pathways for cryptocurrency and blockchain projects.

  • Support industry development through dialogue and cooperation (such as regulatory sandboxes) while protecting investors from fraud.

In 2025, the impact of the U.S. on the cryptocurrency industry will mainly manifest in three areas:

First, it is to promote bitcoin as a reserve asset; currently, there are many actions from the federal level to various states.

Among them, Trump cleverly used confiscated bitcoins to establish a federal reserve, and more than a dozen states in the U.S. have entered the legislative process.

Under the leadership of the U.S., Binance is also actively lobbying countries to establish bitcoin reserves.

Second, it is to promote the widespread adoption of stablecoins.

The main financial regulatory agencies in the U.S., including the Federal Reserve and SEC, recognize 1:1 reserve stablecoins, and this area has basically opened up for action.

However, there is a hidden concern here. This year, the M2 money supply in the United States is about $22 trillion, with bank deposits accounting for 80% (about $17.6 trillion), while the scale of stablecoins is only $200 billion, accounting for 1%.

However, if the scale of stablecoins increases tenfold to $2 trillion, this money will flow out of the banking system.

Due to current regulatory requirements, the dollars of stablecoins can only be used to purchase U.S. Treasury bonds and cannot be lent to individuals and commercial companies.

These dollars flowing out of the banking system will affect the banks' subsequent lending capabilities, and the banking industry may face a wave of turmoil. Banks that cannot quickly adapt to changes in the crypto industry will be eliminated from the market.

Just as modern banks extinguished money lenders over a hundred years ago.

From the government's perspective, the first two items can be considered completed.

The third item is the more highly anticipated cryptocurrency regulatory framework, which is also a key work goal for the new chairman, Atkins.

Once the cryptocurrency regulatory framework is established, it is believed that major AI projects in North America, which have been burning cash, will issue tokens one after another, leading to a wave of mainstream altcoin seasons.

Let the retail investors in the crypto industry experience the skills of the top-tier Silicon Valley investors.

However, after Atkins starts work tomorrow, the first thing to deal with is the more than seventy spot ETF applications piled up in the office.

These applications are also diverse, including not only mainstream projects such as $SOL/$XRP/$DOGE, but also emerging public chains like $AVAX/$APTOS/$SUI.

Even more amusing are meme spot ETF applications like PENGU and $BONK.

This may make many E-Watch partners feel a bit disheartened, as the advantages of spot ETFs may be neutralized by other project parties.

However, the $ETH spot ETF pledge application that our partners are concerned about will also appear on Atkins' desk!