Key Points
- DeFi tokens UNI, AAVE, and SKY have risen by over 20% following positive comments from SEC Chair Paul Atkins.
- Atkins suggested the possibility of regulatory exemptions for DeFi firms, contrasting with the restrictive stance of the previous SEC administration.
- Ethereum (ETH), a key platform for DeFi applications, also saw an increase of 8%, outpacing Bitcoin and the CoinDesk 20 Index.
Decentralized finance (DeFi) tokens AAVE, UNI, and SKY surged by over 20% as a response to positive remarks made by SEC Chair Paul Atkins during a recent roundtable that focused on the sector. Atkins directed the regulatory body to seek exemptions, allowing DeFi companies to operate with fewer limitations.
“The right to have self-custody of one’s private property is a foundational American value,” Atkins said.
Translation: The principle of owning and safeguarding one’s private property is a core value in America.
A stark contrast was noted between these optimistic remarks and the previous administration led by Gary Gensler, which faced criticism for suppressing innovation through strict guidelines on crypto businesses.
“Can you imagine a starker contrast with the previous SEC’s approach?” remarked Noelle Acheson, an analyst and author of the Crypto Is Macro Now newsletter.
Translation: Is there a better example showcasing the difference compared to the former SEC’s methods?
This commentary won praise from industry stakeholders, celebrating the day as a significant milestone, with CZ, founder of Binance, stating that June 9th “will be remembered as DeFi day.”
Translation: June 9th will go down in history as a pivotal moment for decentralized finance.
In addition to the price surges among DeFi tokens, Bitcoin showed resilience as it bounced near record levels around $109,412.64, while Ethereum reached $2,760.24. The CoinDesk 20 Index reported a 4.7% increase within 24 hours, with Bitcoin managing a slight 1.5% gain during the same timeframe.
Read more: U.S. SEC Chair Says Working on ‘Innovation Exemption’ for DeFi Platforms
