In remarks given at the SEC’s Crypto Task Force roundtable on Decentralized Finance (DeFi), Chair Paul Atkins stressed the significance of self-custody for crypto assets among Americans. He emphasized that this right aligns with foundational American values and should be upheld in the DeFi sector. Atkins urged the SEC to provide a clear regulatory framework that would allow for the growth of DeFi protocols that operate on smart contracts.
Atkins also expressed gratitude towards the Division of Corporation Finance for clarifying that participation in proof-of-work or proof-of-stake networks as a miner or validator does not fall under federal securities regulations. He condemned the Biden administration for its perceived efforts to stifle the development of crypto assets and web3 technologies in the U.S.
His comments led to a notable increase in Bitcoin's price, which surged to around $110,000, reflecting optimism in the broader altcoin market, including significant movements in Ethereum (ETH) and Solana (SOL). This optimism suggests the possibility of an upcoming altseason, with many investors looking forward to a potential influx of institutional capital into the DeFi space.
Experts believe that the establishment of clear regulations could empower more participants to engage in self-custody, reducing transaction costs and improving interaction with DeFi services. One analyst noted, "Atkins’s emphasis on self-custody reinforces a pivotal shift towards decentralization that could redefine investor interactions within the crypto environment."
Atkins also expressed gratitude towards the Division of Corporation Finance for clarifying that participation in proof-of-work or proof-of-stake networks as a miner or validator does not fall under federal securities regulations. He condemned the Biden administration for its perceived efforts to stifle the development of crypto assets and web3 technologies in the U.S.
His comments led to a notable increase in Bitcoin's price, which surged to around $110,000, reflecting optimism in the broader altcoin market, including significant movements in Ethereum (ETH) and Solana (SOL). This optimism suggests the possibility of an upcoming altseason, with many investors looking forward to a potential influx of institutional capital into the DeFi space.
Experts believe that the establishment of clear regulations could empower more participants to engage in self-custody, reducing transaction costs and improving interaction with DeFi services. One analyst noted, "Atkins’s emphasis on self-custody reinforces a pivotal shift towards decentralization that could redefine investor interactions within the crypto environment."
