In the crypto market, every regulatory signal quickly translates into asset pricing mechanisms. On May 8, 2026, Paul Atkins, Chairman of the U.S. Securities and Exchange Commission, delivered a speech at the Washington, D.C. Special Competition Study Project AI+ Expo, outlining a series of rulemaking directions for on-chain financial markets. The market responded immediately: tokenized securities surged as a sector, and a group of infrastructure tokens central to the on-chain finance narrative attracted significant inflows of capital.
As of May 12, 2026, Gate market data shows that Internet Computer (ICP) and Near Protocol (NEAR) recorded 30-day gains of 35.70% and 12.98%, respectively, making them the leading performers in the current altcoin rebound.
Release of Regulatory Signals and the Formation of the On-Chain Finance Agenda
On May 8, 2026, SEC Chairman Paul Atkins stated at the SCSP AI+ Expo that digital asset companies are increasingly migrating trading and settlement processes onto blockchain infrastructure. He emphasized that the current regulatory framework is not fully compatible with this trend, necessitating rulemaking through notices and requests for comment.
Atkins outlined four key directions for on-chain finance rulemaking: First, reevaluating how the definition of "exchange" applies to on-chain trading systems; second, clarifying how the broker-dealer framework should be applied to decentralized exchange user interfaces and software scenarios; third, redefining the boundaries of "clearing agencies" in the context of real-time on-chain settlement; and fourth, providing guidance on the compliance issues of "crypto vaults"—on-chain applications that allow users to earn passive yields—under the Securities Act and the Investment Advisers Act. Atkins made clear that his remarks reflected his personal views and did not necessarily represent the official position of the SEC.
This was not an isolated event. As early as April 21, 2026, Atkins announced at the Economic Club of Washington, D.C., that the SEC would launch the A-C-T (Advance, Clarify, Transform) strategy, revealing that an "innovation exemption" was nearing release to provide a restricted framework for the compliant trading of tokenized securities on-chain. On February 19, at the ETHDenver conference, Atkins further explained the framework for when crypto assets constitute "investment contracts," emphasizing the importance of rulemaking over enforcement as the primary approach to crypto regulation.
The market interpreted Atkins’ remarks at SCSP as a crucial signal that on-chain financial markets may soon have a clear compliance path. Against the backdrop of rising risk appetite in both U.S. equities and crypto markets (with the Nasdaq up 2.2%, S&P 500 up 0.85%, and Bitcoin holding above $80,000 that day), his speech spread rapidly and was seen by investors as supportive of tokenization and blockchain financial infrastructure.
Data Profile of Leading Assets
According to Gate market data as of May 12, 2026, the following tokens emerged as leaders in this rally:
Internet Computer (ICP) is priced at $3.292, with a 30-day gain of 35.70% and a 7-day gain of 23.86%, though it remains down 42.84% year-to-date. Its 24-hour trading volume stands at $1.938 million, with a market cap of approximately $1.817 billion.
Near Protocol (NEAR) is priced at $1.5248, with a 30-day gain of 12.98% and a remarkable 90-day gain of 58.10%, but is down 52.27% year-to-date. Its 24-hour trading volume is $3.3968 million, with a market cap of about $1.975 billion.
Meanwhile, Uniswap (UNI) is priced at $3.828, up 26.64% over 30 days, also showing strength and further confirming a clear sector preference for on-chain financial infrastructure assets.
Here’s a summary of recent major price movements:
| Token | Price (USD) | 7-Day Change | 30-Day Change | 90-Day Change | YTD Change |
|---|---|---|---|---|---|
| ICP | 3.292 | +23.86% | +35.70% | +40.35% | -42.84% |
| NEAR | 1.5248 | +17.31% | +12.98% | +58.10% | -52.27% |
| UNI | 3.828 | +13.85% | +26.64% | +13.37% | -44.45% |
Two key features stand out in this data: First, short-term gains are concentrated while year-to-date losses remain significant, indicating that the current rally is more of a narrative-driven rebound after overselling, rather than a trend reversal. Second, the 90-day gains show that some capital has already been positioned for the medium to long term, as evidenced by NEAR’s 58.10% quarterly increase.
On May 9, the day Atkins’ SCSP speech was reported, ICP soared nearly 12%, leading the surge among major altcoins; NEAR and UNI each gained close to 7% that day. Among the day’s top performers, several mid-cap tokens—including ONDO (about 25%) and JUP (about 24%)—also posted double-digit gains, further confirming a clear transmission of risk appetite across the market.
Three Structural Dimensions of the Narrative
On-chain finance is not a new concept, but Atkins’ push for rulemaking has given this narrative unprecedented mainstream legitimacy. This rally can be understood from three perspectives.
Regulatory Expectations Drive: From Ambiguity to Clarity
Atkins pointed out that existing SEC categories—such as broker-dealers, exchanges, or clearing agencies—do not fit neatly into software applications and on-chain protocols. The market views this as a signal that the SEC is moving toward "rule-based rather than prohibition-based" regulation for on-chain finance. ICP’s full-stack on-chain architecture enables it to support complex decentralized application logic, while NEAR’s sharding technology and developer-friendly approach position it as a key player in on-chain financial infrastructure. When the market expects that on-chain finance will be regulated based on rules rather than punitive enforcement, these foundational platforms stand to benefit first.
Shift from Technical Narrative to Regulatory Acceptance
Over the past two years, the crypto market has cycled through various narratives—from technical themes (like scaling and modularity) to application stories (such as SocialFi and AI Agents)—but none sustained capital inflows. Atkins’ remarks mark a shift in pricing anchors from purely technical routes to regulatory acceptance. This transition means that the value drivers for tokens are moving from "what can be done" to "what is permitted," and every expansion of the boundaries of "permission" is reflected in asset prices.
Directional Preference in Capital Rotation
Bitcoin posted substantial gains in Q1 2026. On May 9, the three major U.S. stock indices hit new highs, unleashing risk appetite and prompting capital to spill over into altcoins. Unlike previous rotations, this altcoin rally is not broad-based; capital is highly concentrated in projects with a clear on-chain finance narrative and a robust developer ecosystem. ICP and NEAR’s leadership is driven by both their underlying protocol attributes and their alignment with the on-chain finance narrative.
Polarization of Sentiment and Opinions
Atkins’ speech sparked notable divergence in views among the crypto community and institutional analysts.
Optimists argue that Atkins’ remarks signify the SEC’s shift from "enforcement-driven ambiguity" to "rulemaking-driven clarity" for on-chain finance. The Hyperliquid Policy Center issued a statement after Atkins’ speech, calling it "an ambitious effort" and praising Atkins for evaluating current legal frameworks "on the terms of on-chain clearing and settlement systems themselves," rather than forcibly imposing traditional market structures.
Cautious voices point out that Atkins explicitly stated his remarks were personal views and not necessarily the SEC’s official stance. The SEC’s formal rulemaking process involves committee votes, public comment, and Congressional review, each introducing new uncertainties. Past experience shows that regulatory signals can be highly inconsistent, and pricing based on a single speech carries significant risk of emotional premium.
Distinguishing Fact from Speculation: The fact is that Atkins proposed four specific rulemaking directions for on-chain finance in his May 8, 2026 speech, clearly labeled as personal views. The speculation is that the SEC will quickly issue corresponding rules, or that such rules will be adopted without major changes. These should not be conflated.
Three Layers of Industry Impact
The effects of this event are spreading across three levels.
At the asset pricing level, Gate market data clearly shows that on-chain finance tokens have seen significant short-term inflows, boosting trading activity across the altcoin market. Capital is cascading outward from the infrastructure layer (ICP, NEAR) to the application layer.
At the project strategy level, multiple public chains and DeFi protocols have ramped up their compliance frameworks since Atkins’ speech, including expanding legal teams and initiating strategic contacts with traditional financial institutions.
At the institutional capital access level, improved compliance expectations may lower the decision-making costs for traditional financial institutions entering on-chain markets. However, this process requires multi-layered collaboration and careful consideration, unfolding slowly over quarters or even years, with structural impacts yet to be fully observed.
Conclusion
Every regulatory signal leaves a deep mark on the crypto market’s pricing mechanisms. Atkins’ articulation of rulemaking directions for on-chain finance at the SCSP AI+ Expo is being interpreted by the market as a narrative revaluation for infrastructure-layer tokens.
From ICP to NEAR, the leaders are not random picks, but projects whose technical architectures and on-chain finance visions are closely aligned. Yet, as optimism spreads, the industry must remain clear-eyed about the gap between signals and action. The future of on-chain finance will ultimately depend on continuous code iteration, robust compliance frameworks, and sustained real user adoption. Until then, every market pricing is a rehearsal for the future, not the final act.
