SEC Chair: Blockchain 'holds promise' of new kinds of market activity
Blockchain technology is poised to create new use cases for securities, according to SEC Chairman Paul Atkins. He emphasized a shift in SEC policymaking from ad hoc enforcement to a structured regulatory framework for crypto asset markets. The SEC aims to establish clear guidelines for the issuance, custody, and trading of crypto assets while deterring illegal activities. This approach contrasts with former Chair Gary Gensler's enforcement-heavy strategy. Atkins compared the evolution of securities tokenization to advancements in audio formats, suggesting it could enhance market compatibility and consumer benefits. Asset management firms like BlackRock and Franklin Templeton are exploring tokenization, which may offer faster settlement times and increased liquidity. As of May 12, $22.6 billion of real-world assets are on-chain, with stablecoins having a market cap of $243 billion, including Tether's USDt at $150.6 billion.
