Bitwise Asset Management’s Chief Investment Officer, Matt Hougan, believes crypto investors may be underestimating the dramatic shift in regulatory sentiment following a recent speech by U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins.
Speaking at the America First Policy Institute on July 31, Atkins laid out a vision for integrating blockchain technology into U.S. financial markets — a move Hougan described as “the most bullish document I’ve read on crypto.”
“This wasn’t written by some yahoo on Twitter,” Hougan said on Tuesday. “It was written by the chairman of the SEC.”
I wrote my CIO Memo this week on SEC Chair Paul Atkins’ “Project Crypto.” There’s a lot to say — I’ll post more tomorrow — but one thing is this: It’s not priced in. pic.twitter.com/K8XYLpmsnC
— Matt Hougan (@Matt_Hougan) August 5, 2025
The speech has sparked optimism in the digital asset space, especially among institutional players who view regulatory clarity as key to unlocking mainstream adoption. Hougan noted that the market may not have fully priced in the implications of the speech or the broader policy pivot happening under the new SEC leadership.
Atkins, appointed in April under President Donald Trump’s administration, has overseen a reversal in the agency’s stance on crypto. The SEC has dropped several long-standing enforcement actions against crypto firms and recently launched Project Crypto — an initiative aimed at establishing clearer, innovation-friendly rules for the sector.
Hougan believes the new SEC direction could catalyze a major shift in the financial system. He pointed to Atkins’ remarks about moving traditional assets — including stocks, bonds, and fiat currencies — onto public blockchains, calling it a signal of potential exponential growth.
He also highlighted the SEC chair’s mention of “super apps” — integrated financial platforms that firms like Coinbase and Robinhood are already building — as another area poised for expansion.
The bullish regulatory momentum comes even as past misconduct in the industry continues to be addressed. Earlier this week, Huynh Tran Quang Duy, founder of the defunct lending platform MyConstant, agreed to pay $10.5 million to settle SEC allegations of misusing investor funds to purchase TerraUSD before the stablecoin’s collapse in 2022.
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