In a live broadcast on Fox News, SEC Chairman Paul Atkins admitted that the cryptocurrency industry will end years of regulatory ambiguity.
"The cryptocurrency market structure bill is about to pass," said the SEC Chairman during a live broadcast on Fox News. This statement quickly spread throughout the crypto world, signaling a fundamental shift in the regulation of crypto assets in the U.S.
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01 Regulatory Turning Point
The U.S. House of Representatives overwhelmingly passed a key digital asset market structure bill in July this year. According to reports from Washington, the Senate version of the draft has also been completed, with core provisions largely consistent with those of the House.
The core of the bill is to clarify regulatory responsibilities: the SEC will regulate digital assets considered 'investment contracts,' particularly those with concentrated control.
At the same time, the Commodity Futures Trading Commission (CFTC) will mainly be responsible for regulating 'digital commodities' and their spot markets, becoming the primary regulator of decentralized assets.
A key design is the 'decentralization test': when no single entity controls more than 10% of the tokens, the asset will shift from SEC regulation to CFTC regulation.
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02 Attitude Shift
The SEC's statement this time is not an isolated event. In the latest annual priority report, there has been a historic change—terms like 'cryptocurrency' and 'digital assets' have completely disappeared.
This stands in stark contrast to the past five years, when the SEC listed 'cryptocurrency assets' as a top risk area every year, frequently issuing warnings and lawsuits. Now, less than a year after the new chairman took office, these terms have been completely removed.
This silence is more powerful than any statement, marking a fundamental shift in the regulatory attitude towards the cryptocurrency industry.
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03 Market Impact
Clear regulation will fundamentally change the industry ecosystem. In the past, the SEC treated most tokens as securities, and exchanges lived under the shadow of being 'sued at any moment.'
After the bill is passed, the CFTC will primarily be responsible for regulating cryptocurrency assets with 'commodity characteristics.' Mainstream cryptocurrencies such as Bitcoin and Ethereum are expected to be clearly recognized as commodities, and their spot markets will be directly legalized.
Industry analysis generally believes that clarifying the regulatory environment will open the floodgates for capital influx, and institutional capital may enter the market on a large scale.
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04 Future Outlook
The passage of the bill will resolve long-standing legal disputes. Lawsuits involving several well-known cryptocurrency companies that have persisted for years may be concluded with the implementation of the new law.
Decentralized financial protocols that do not exercise discretionary control over user funds are expected to be exempt from securities regulations. The regulatory definition of stablecoins will also become clearer.
Expert predictions suggest that the United States may introduce its first nationwide 'cryptocurrency market structure law' as early as next year. This legislative process echoes political commitments and strengthens market confidence in regulatory changes.
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As of early December, mainstream cryptocurrencies like Bitcoin have generally shown an upward trend, and the market has begun to anticipate this favorable regulatory development. The U.S. is transitioning from 'cryptocurrency enforcers' to 'cryptocurrency beacons,' marking the start of a global regulatory transformation in cryptocurrency.
