For a long time, the Securities and Exchange Commission (SEC) under Gary Gensler’s leadership was the crypto industry’s worst enemy.
Now that pro-crypto Mark Uyeda has taken Gensler’s place, crypto regulations will undergo substantial changes.
House Financial Services Committee chair French Hill outlined plans for shaking up the US crypto rules in a February 4 conference.
A New Chapter for US Crypto Regulations?
Gensler’s ‘regulation by enforcement’ made several noteworthy crypto firms relocate to the EU, UK, and Middle East, according to Hill.
Many of those that stayed faced legal charges, including Ripple Labs, Coinbase, and Kraken, due to ambiguous rules that can be interpreted to the government’s advantage.
Hill argued the SEC must revamp regulations to promote technological innovation and broader crypto adoption among retail and institutional investors.
He also stressed that the Congress needs to collaborate with the executive branch. Lawmakers from both parties have already discussed their priorities and aligned their vision on the reform.
Last week, President Trump ordered the newly established cryptocurrency working group to propose the first draft of the regulation in 180 days.
Trump also signed an executive order to create an American sovereign wealth fund, which is very likely to include Bitcoin ($BTC) and altcoins. This appears to be a clever way to bypass hurdles to the strategic Bitcoin reserve’s formation.
$BTC ETF issuer VanEck thinks that a US Bitcoin reserve could slash the national debt by 35% in 24 years if the government buys 1M $BTC, as proposed by Senator Lummis. By extension, the sovereign wealth fund could achieve similar results.
Solaxy ($SOLX) Breaks Down Barriers to Cross-Chain Transfers, Enhances Solana’s Scalability
Clear regulations and governmental support could drive the growth of utility-focused crypto projects like Solaxy ($SOLX).
Solaxy aims to solve Solana’s congestion issues to speed up processing and lower transaction fees. Its hybrid Layer-2 solution will also bridge Solana with Ethereum for smooth cross-chain transfers and app interoperability.
$SOLX token presale recently hit the $18.2M milestone. While some new meme coins on presale raise funds faster, Solaxy’s slow and steady pace suggests it attracts level-headed investors interested in sustainable assets.
After $SOLX hits the ground running on Tier-1 exchanges, it might surge to $0.032 due to increased accessibility and legitimacy. This means that the current price of $0.001626, along with a 222% staking APY, presents an appealing entry opportunity into this promising project.
To support Solaxy in its early stages, visit the official presale website, connect your wallet to the widget, and buy $SOLX with $ETH, $BNB, $USD, or a bank card.
Final Remarks
A good captain makes a good voyage, and crypto is surely set up for blissful sailing under the new SEC leadership.
Projects like Solaxy that focus on real utility and infrastructure improvement may be particularly well-positioned in this new era of crypto adoption.
However, remember that any crypto project is susceptible to forces out of its control, like macroeconomic conditions and regulatory changes. Always DYOR, diversify, and don’t invest more than you can afford to lose.
