🔥 SEC Chair: US Markets to Go Fully On-Chain Within Two Years

— Comprehensive Analysis of the Current State, Trends, and Future Outlook

Recently, SEC Chair Paul Atkins stated in a live interview with Fox News:

The US markets are expected to go fully on-chain within two years.

This statement is more aggressive than previous industry expectations and signals that the US capital markets are undergoing the most profound structural transformation since the advent of the Internet. Whether traditional institutions, financial infrastructure, regulatory systems, or the crypto industry itself, all may experience a “tech stack migration” level of reshaping in the next two years.

This article explores three dimensions:
① The current state; ② Key trends driving on-chain adoption; ③ The outlook for two years from now.

🚀 I. Current State: On-Chain Adoption Has Moved from Edge Experimentation to the Core Financial System

While “full on-chain” sounds like a future vision, the US capital markets have already laid the foundation in several key areas:

1. Traditional Institutions Are Deeply Involved

Top Wall Street institutions such as BlackRock, Fidelity, JPMorgan, and Goldman Sachs have all deployed on-chain asset strategies.

BlackRock’s BUIDL has become the fastest-growing on-chain fund in history, with assets under management surpassing several billion dollars, proving that institutional capital has embraced on-chain settlement.

2. Regulatory Framework Is Becoming Clearer
Regulators such as the SEC, CFTC, FinCEN, and OCC are shifting from “blocking innovation” to “regulating development.”

The US Treasury views stablecoin regulation as a core issue.
Dozens of states have passed laws allowing on-chain securities registration or settlement.
In other words, US regulators are not trying to stop on-chain adoption, but rather to take control of it.
3. Securities Market On-Chain Infrastructure Is Partially Deployed

**DTCC (Depository Trust & Clearing Corporation)** has completed multiple on-chain settlement pilots.

Exchanges like Nasdaq, CBOE, and ICE are building internal on-chain settlement systems.

Multiple Treasury bonds, money funds, and corporate bonds have begun on-chain settlement tests.
On-chain adoption is no longer just a “crypto industry wish,” but the inevitable path to modernization for US capital markets.

🚀 II. Key Trends Accelerating On-Chain Adoption: Three Forces Driving a US Financial “Chain Reform”

The SEC chair’s “two-year” timetable is not a casual statement, but based on the resonance of these three major trends:

Trend One: The Efficiency Revolution of On-Chain Settlement and Clearing Is Unstoppable

Pain points in traditional markets are becoming obvious:

US equities still have T+1 settlement with systemic risk;

Bond market clearing is complex and extremely costly;

Reconciliation between financial institutions is lengthy and error-prone.

The advantages of on-chain are clear:
Native real-time settlement (T+0)
Atomic delivery of funds and assets
Transparency enhances systemic risk oversight

Wall Street isn’t pursuing “on-chain” itself, but rather cost reduction, risk minimization, and efficiency gains.
On-chain happens to provide the solution.

Trend Two: Stablecoins Become the Dollar’s “Infrastructure” Globally
Stablecoins (especially USDT / USDC / PYUSD) have become a key weapon for the US in the global financial arena:

Global stablecoin daily transaction volumes have reached the hundreds of billions
Payment giants like Visa, PayPal, and Stripe have fully integrated on-chain settlement

US banks and cross-border clearing institutions are also testing on-chain dollar settlement

As the core functions of the dollar migrate on-chain, it’s natural for financial markets to follow.

Trend Three: Tokenization Has Entered an Exponential Growth Phase
BlackRock CEO Larry Fink sees asset tokenization as “the next trillion-dollar opportunity” in financial markets.
Currently tokenized assets include:
US Treasury bonds
Money market funds
Real estate bonds
Corporate bonds
Even gold and credit products

Institutions see the trend clearly:
In the future, every asset will be an “on-chain token” rather than a PDF file.
Before assets are fully digitized, market infrastructure must go on-chain first.

🚀 III. Outlook for the Next Two Years: What Will “Fully On-Chain” US Markets Look Like?

Based on the SEC’s official assessment, here’s what the US market may look like in two years—
1. 90% of Securities Registered and Settled On-Chain
This doesn’t mean all stocks trade on public blockchains, but rather:
Securities are registered on-chain
Settlement occurs on-chain
Trading still uses established exchange systems
In other words: core market infrastructure is on-chain.

This will significantly reduce Lehman-style systemic risk.

2. Treasuries, Funds, ABS, etc. Will Default to On-Chain Issuance

Now, on-chain Treasury fund AUM has surpassed $10 billion; in the future, we may see:

The US Treasury directly issues on-chain Treasuries
All money market funds go on-chain
ABS, MBS, and commercial paper become fully digitized
On-chain will become the new tech foundation for the US debt system.

3. US Stocks May Achieve T+0 On-Chain, Benefiting Both Retail and Institutions

The SEC has long sought to address two key issues:
Trading transparency
Settlement risk

On-chain adoption provides the most efficient solution in history.
In the future, a retail investor’s US stock purchase could settle in seconds.

4. Crypto Industry to Usher in a “Third Bull Market of the Compliance Era”
Once the US market is fully on-chain, it means:
Crypto assets are no longer marginal assets
Institutional capital operating on-chain assets becomes “business as usual”
Full integration of Web3 and traditional finance

Tokenized asset market cap will reach tens of trillions of dollars
This isn’t “the next bull market”—
This is the era of financial system migration.

On-chain adoption is no longer a tech trend, but a national financial modernization project.
As the US market goes fully on-chain, the global financial system will be forced to follow.
This will be the biggest paradigm shift in global finance since the Internet.