US Crypto Market 2.0: How the American Approach to Digital Asset Regulation Has Changed and What It Means for Ukraine
Kyiv • UNN
New SEC Chairman Paul Atkins stated that most crypto tokens are not securities, which fundamentally changes US regulatory policy. This opens the way for innovation and synchronization with global standards, which will also impact Ukraine.
A significant shift has occurred in the US policy regulating the cryptocurrency market. The new head of the US Securities and Exchange Commission (SEC), Paul Atkins, stated that most crypto tokens are not securities. This position fundamentally differs from the approach of the previous administration, which built its policy on numerous lawsuits against crypto companies, allowing for situational market regulation. This is a positive signal that will elevate the digital asset market to a new level, noted fintech expert and co-founder of Concord Fintech Solutions, Olena Sosedka, in a comment to UNN.
"A new day has dawned at the SEC... Policy will no longer be determined by situational enforcement actions... We will provide clear, predictable rules of the game so that innovators can thrive in the United States," Cointelegraph quoted Atkins.
According to the publication, the key tool of the new approach was the introduction of the Project Crypto initiative, which aims to create a unified and predictable regulatory framework for the digital asset market. The SEC proposes modernized rules that will allow platforms to operate as "super-apps" and combine trading, lending, and staking under one license.
According to Atkins, such an approach to regulation will protect investors without "stifling" innovation.
He also praised the European MiCA regulation as a comprehensive regime for digital assets and called for international cooperation.
According to fintech expert and co-founder of Concord Fintech Solutions, Olena Sosedka, this US approach indicates the readiness of the American authorities not only to build internal rules for the crypto market but also to synchronize them with global standards.
The SEC has simplified the rules, so exchanges can now launch new crypto-ETFs (exchange-traded funds) faster without complex individual approvals. This significantly shortens the approval process and opens up the possibility of launching funds not only for Bitcoin or Ethereum but also for other coins.
In addition, the obligation for US banks to reflect all client crypto assets on their balance sheets was canceled. This removed one of the main barriers for traditional financial institutions seeking to serve the digital asset market.
Olena Sosedka is convinced that the new policy for regulating the crypto market in the US opens up a fundamentally new stage.
The combination of Project Crypto, the green light for spot ETFs, and the lifting of restrictions for banks moves the crypto industry into an institutional phase 2.0. Banks have gained the ability to legally enter this area, exchanges will have more transparent rules for launching new products, and investors will get better liquidity.
According to Sosedka, the reduction in regulatory burden will directly affect pricing. "When the fear of sudden lawsuits disappears, and regulatory policy becomes clear, the price of assets better reflects the real balance of supply and demand," the fintech expert noted.
She also drew attention to the support for "super-apps" related to crypto. In her opinion, this will add convenience to users, but it is important not to forget about the security of financial transactions.
This is a chance for a real UX revolution, where the user gets trading, lending, and staking in one application. But the integration of such functions requires strict security standards, from asset segregation to independent auditing of smart contracts.
She predicts that in the coming months, the market will see the emergence of the first spot exchange-traded funds beyond well-known coins like Bitcoin or Ethereum, which will expand institutional demand and make the digital asset market more mature.
At the same time, according to Olena Sosedka, the key issue will still be international synchronization. Atkins' statement, she said, demonstrated the US's desire to synchronize the cryptocurrency market with the European Union. In the future, this will mean the formation of a transatlantic corridor of rules.
This is an important signal for Ukraine. We strive to synchronize with European rules for the digital asset market, raise standards to a banking level to be attractive to global partners. In addition, Ukraine has already embarked on the path of legalizing cryptocurrencies and is preparing to introduce regulation of the digital asset market. Its synchronization with European rules can give a significant impetus to attract investors.
Recall
On September 3, the Verkhovna Rada supported in the first reading a bill that provides for the legalization of virtual assets. 246 people's deputies voted in the first reading for bill 10225-d "On Amendments to the Tax Code of Ukraine and some other legislative acts of Ukraine regarding the regulation of virtual assets in Ukraine." According to Yaroslav Zhelezniak, the document provides for income taxation at a rate of 18+5%, and for the first year, a preferential rate of 5% on withdrawal to fiat will apply. Who will regulate the cryptocurrency market is unknown. The document is currently being prepared for the second reading.