Today, SEC Chairman Paul Atkins made it very clear: he supports the transition from traditional finance to crypto finance.
This means that in the future, finance, including securities databases, will have the opportunity to migrate from off-chain to on-chain. "Just as audio recordings have transitioned from analog vinyl records to tapes, and now to today's digital software, fundamentally changing the music industry, the migration of on-chain securities could also reshape every aspect of the securities market. This can be achieved through issuance, trading, holding, and usage." The SEC will be committed to "establishing practical standards for market participants through rulemaking, interpretation, and exemptions."
What does this mean? As mentioned a few days ago, crypto stablecoins will experience their biggest boom period, and RWA (especially U.S. Treasury bonds and stocks) will truly have their moment to go on-chain. In this process, how Ethereum will handle the accounting of assets worth tens of trillions of dollars will be the biggest narrative of this cycle, aside from crypto AI.
The SEC held a roundtable on asset tokenization on the 12th (“Tokenization: Moving Assets Onchain: Where TradFi and DeFi Meet.”), with its chairman Paul Atkins also delivering a speech.
This can be seen as the starting signal for asset on-chain adoption. In the coming years, aside from the wave of stablecoins, the likelihood of more assets like U.S. Treasury bonds and U.S. stocks being tokenized and moved on-chain is significantly increasing.
The probability of the on-chain economy surpassing $10 trillion in scale in the next few years is rising.
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