Tiger Search, Analysis of 'SEC Policy Changes Changing the Landscape of Asian Cryptocurrency Markets'

In 2025, the U.S. Securities and Exchange Commission's (SEC) regulatory approach is significantly impacting the Asian cryptocurrency market. Tiger Research recently reported that as the SEC strengthens its collaborative approach with the industry, there are clear turning points in the institutional arrangements and investment environments of Asian countries. Particularly, as regulatory clarity increases and industrial nurturing policies are reinforced in the United States, its influence is spreading across the Asian market. The SEC maintained a 'regulation enforcement-centered' approach under former Chairman Gary Gensler from 2021 to 2024. With ongoing lawsuits and sanctions against major companies like Ripple (XRP), Coinbase, and Binance, U.S. cryptocurrency companies faced uncertainty and regulatory risks. However, the situation changed after Mark Ueda's acting leadership in 2025. The SEC has stepped back from its unilateral regulatory policy, promoting multifaceted reforms such as establishing a cryptocurrency task force to enhance communication with the industry and withdrawing SAB 121 accounting standards. According to Tiger Research's analysis, these U.S. changes are also influencing Asian retail investors' psychology. While actual investment activities occur under domestic regulatory frameworks, investment narratives and expectations are being reoriented around the U.S. market. With Trump's pro-cryptocurrency policies after re-election, interest in U.S.-based projects has increased, and Asian retail investors are showing heightened sensitivity to "U.S.-originated positive signals". The venture capital ecosystem is also expected to undergo structural reorganization. VC funds, previously constrained and fleeing overseas under strict policies, are now returning to the U.S. market. According to Galaxy Research, investments in U.S.-based companies accounted for 46.2% by the fourth quarter of 2024, with trends suggesting this proportion may rise again. Notably, a16z has withdrawn from the UK and returned to a U.S.-centered strategy, announcing plans to invest approximately $20 billion in AI and cryptocurrency-related fields. This SEC policy shift is not limited to domestic U.S. issues. Tiger Research diagnosed that U.S. regulatory movements are serving as benchmarks for regulatory agencies in Asian countries. This was evident in the Bitcoin (BTC) ETF approval in early 2024, with Hong Kong, Japan, and Korea accelerating institutional adjustments based on U.S. cases. Japan has initiated stablecoin institutionalization, while Korea has opened institutional doors by allowing non-profit organizations to hold and trade cryptocurrencies. Vietnam and Malaysia are also actively reviewing regulatory framework introductions. In the future, the U.S. is expected to present a clearer cryptocurrency regulatory framework following SEC Chairman Atkins' official inauguration. Under policy support from President Trump and "Cryptocurrency Czar" David Sachs, the U.S. is focusing on transforming regulation into a foundation for industrial growth. This transformation could cast a long shadow over global capital flows and technological innovation directions. The Asian market is also responding nimbly to these global trends. Tiger Research projected that Asia is strengthening its competitiveness through regulatory clarification and industry acceptance, and policy efforts to maintain regional balance will accelerate even within U.S.-centered flows. Ultimately, the cryptocurrency market has entered a transitional period where U.S. policy changes and Asian institutional arrangements interact to establish a new global order.