In a huge development for the cryptocurrency industry, Paul Atkins has officially been sworn in as Chairman of the U.S. Securities and Exchange Commission (SEC). Known for his pro-crypto stance, Atkins’ appointment is being hailed as the beginning of a new era for digital asset regulation in the United States.
This marks a return to the SEC for Chairman Atkins, who previously served as a Commissioner from 2002 to 2008 under President George W. Bush. During that time, he was known for championing transparency, consistency, and the use of cost-benefit analysis in regulatory decision-making—principles that many hope he will now apply to modern crypto policy.
The industry has been eagerly awaiting his arrival. While Acting Chair Hester Peirce and interim leader Mark Uyeda have made strides—particularly in fostering transparency and holding crypto roundtables—Atkins is expected to bring greater momentum and authority to the agency’s crypto-related efforts.
“As I return to the SEC, I am pleased to join with my fellow Commissioners and the agency’s dedicated professionals to advance its mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors,” Atkins said.
He added, “ Together we will work to ensure that the U.S. is the best and most secure place in the world to invest and do business.”
Under Peirce’s leadership, the SEC has already made headway, dropping several high-profile cases and providing new guidance around crypto mining, stablecoins, and meme coins. However, areas like NFTs and token classification remain complex and unresolved. With Atkins now in charge, insiders expect swift movement toward a standardized “token test” to determine whether a digital asset should be classified as a security.
DeFi Technologies, the Toronto-based publicly traded company has striked a major move aimed at expansion. On Monday, it launched its new RWA tokenization-focused exchange, Kenya Digital Exchange (KDX).
The exchange, aimed at tapping into the growing digital market of Kenya, is launched with the collaboration of Kenya’s Nairobi Securities Exchange (NSE).
Notably, the new exchange launch builds on the partnership signed last year between NSE, Defi Technologies’ subsidiary, Valour and SovFi.
The collaboration also involves the listing of Valour’s exchange-traded products (ETPs) on NSE by Q3 2025.
KDX: Why Defi Technologies is launching a new exchange
Curtis Schlaufman, the Vice-president of VP Marketing and Communications at DefiTech, revealed in a X post that the new Kenya Digital Exchange (KDX) aims at expanding his company’s role in global capital markets and digital asset innovation.
Given the ongoing growth in the RWA innovation and market, DeFi Tech’s KDX will work as a regulated platform for tokenizing real-world assets (RWAs) – equities, debt funds, and commodities.
KDX will enable primary issuance, trading, and liquidity provisioning for the tokenization of these instruments of traditional markets. It will leverage blockchain technology to ensure secure, transparent, and efficient transactions.
The platform will further integrate Hedera for settlement and to support smart‑contract–powered issuance and market‑making. This infrastructure is expected to serve both institutional and retail clients.
With Valous’ ETPs also in line, it aims to serve as a one‑stop marketplace for digital‑asset ETPs and other tokenized products.
To Provide Other Sevices too
As per the press release, implementation of KDX will occur in three phases:
1. initial platform design and compliance checks in late 2025,
2. pilot trading and ETP issuance in early 2026, and
3. full commercial launch by the second quarter of 2026.
The exchange’s revenue streams will include trading and listing fees, custody services, staking and liquidity‑provision charges, and other value‑added financial services. Curtis also informed that besides RWAs, Defi Tech’s KDX will also focus on token issuance, AI trading, market making, and global exchange interoperability.
Kenya has long been a global leader in P2P bitcoin trading – Chainalysis ranked it first worldwide in P2P trade volume in 2021, ahead of 154 other countries. The country ranks among the top 25 markets worldwide for crypto adoption.
With cryptocurrency transactions totaling an estimated USD 18.6 billion in 2022 and over six million users—roughly 10% of the population.
Smartphone penetration exceeds 85%, and the local fintech sector attracted USD 638 million in venture capital in 2024. This underscores strong consumer demand and robust digital‑finance innovation.
By tapping into a six‑million‑user market and nearly USD 20 billion in annual crypto transactions, KDX could catalyze a new wave of digital‑finance activity in East Africa.
Amid global economic volatility, the United States has again raised its debt ceiling to avert a default and ensure the government’s operations continue smoothly.
The US debt ceiling is a legal limit on the amount the federal government can borrow to meet its financial obligations, including pension payments, social welfare programs like Social Security and Medicare, and interest on government bonds.
US Debt Ceiling Increase
Raising the debt ceiling remains contentious, often sparking heated debates between Congress and the White House. Negotiations over spending and budgets are typically prolonged and complex.
According to data from the Senate Joint Economic Committee (JEC), the US national debt has surpassed $36.2 trillion as of April 2025. This marks a significant rise from $22 trillion in March 2019, highlighting the rapid escalation of national debt in recent years.
Historically, raising the debt ceiling is not uncommon. According to NPR, since 1960, Congress has acted 78 times to increase, temporarily extend, or revise the debt ceiling definition—49 times under Republican and 29 times under Democratic presidents. This reflects the recurring need to adjust the ceiling to maintain government functionality, but it also raises questions about the long-term sustainability of US fiscal policy.
Under President Donald Trump’s administration, bold economic policies are being implemented, including using tariff revenues to service debt. Trump has imposed a 125% tariff on Chinese goods, prompting retaliatory 84% tariffs from China on the US. imports.
Consequently, the Chinese yuan (CNY) has hit an 18-year low, with the USD/CNY rate reaching 7.394. The yuan’s depreciation escalates trade tensions and ripple effects across cryptocurrency markets.
Impact on Crypto
The increase in the US debt ceiling has multifaceted implications for the crypto market, both in the short and long term.
Raising the debt ceiling helps the US avoid default, preventing a potential global financial crisis. This often reassures investors, boosting confidence in traditional financial markets like stocks and US Treasury bonds. As a result, demand for safe-haven assets like Bitcoin—usually viewed as a hedge during economic uncertainty—may decline.
Historical trends support this. During past debt ceiling crises, such as in 2021, Bitcoin prices surged as investors feared a US default. However, the pressure eased once the ceiling was raised, prompting some investors to shift capital back to traditional assets. This can create downward price pressure on Bitcoin and other altcoins.
Additionally, a weaker yuan due to US policies could drive capital from China into cryptocurrencies, potentially providing a positive push for the market.
Continually raising the debt ceiling allows the US government to borrow more to fund spending, often leading to increased money printing or issuance of Treasury bonds. This process expands the money supply, fueling inflation and eroding the US dollar’s value.
Cryptocurrencies, particularly Bitcoin, are often regarded as an “inflation hedge” due to their fixed supply and decentralized nature. Investors increasingly turn to alternative assets to preserve wealth as the dollar weakens. Bitcoin, often dubbed “digital gold,” has proven its resilience during past economic instability.
The increase in the US debt ceiling has a complex impact on cryptocurrencies. In the short term, it may reduce demand for safe-haven assets like Bitcoin as confidence in traditional markets grows.
However, in the long term, persistent debt ceiling hikes could drive inflation and weaken the dollar, positioning cryptocurrencies as a compelling hedge and alternative asset class.
