$6 billion Bitcoin mystery: SEC Chair swings, U.S. government's stance still wavering

January 13th, the Chair of the U.S. Securities and Exchange Commission (SEC), Paul Atkins, stated in an interview that whether the United States will seize Venezuelan-held Bitcoin assets “remains to be seen.” This seemingly ambiguous statement actually reflects the U.S. government’s complex attitude toward cryptocurrencies—on one hand removing regulatory barriers, on the other hand remaining cautious about national-level Bitcoin holdings.

The True Meaning Behind Policy Statements

SEC’s Scope of Authority

Paul Atkins emphasized that claims of Venezuela possibly holding up to $6 billion (about 60,000 BTC) are currently unverified by multiple blockchain analysts. More importantly, he clearly stated that related actions will be decided by other government departments, and the SEC is not involved.

This statement has two implications:

First, it acknowledges uncertainty. Even the U.S. government does not have fully confirmed data on Venezuela’s Bitcoin holdings, indicating the difficulty of on-chain asset tracking.

Second, it clarifies the boundaries of authority. The SEC mainly oversees securities regulation. Decisions involving asset freezes related to diplomacy and national security are within the purview of departments like the State Department and the Treasury. Atkins’s “remains to be seen” essentially means “this is not our jurisdiction.”

The Contrast with Recent Policy Changes

This statement appears conservative, but when viewed in the broader policy context, it seems somewhat contradictory:

This reflects that the U.S. government’s stance on cryptocurrencies is still evolving—macro policies are relaxing, but the implementation level remains cautious and observant.

The Actual Impact on the Bitcoin Market

Short-term outlook, limited impact

Currently, BTC is priced at $91,137.83 with a market cap of $1.82 trillion. The SEC Chair’s statement is unlikely to directly cause price fluctuations because:

• The market has already digested the shift in the SEC’s attitude toward cryptocurrencies
• Whether Venezuela’s Bitcoin is seized or not has minimal impact on global Bitcoin liquidity
• This is a matter of policy uncertainty, not market fundamentals

Medium-term outlook, worth monitoring

What truly warrants attention is coordination among government agencies. If the U.S. ultimately decides to freeze Venezuelan Bitcoin assets, several key issues will arise:

• What is the technical approach to freezing (directly seizing wallets or through exchanges)?
• Will this set a precedent for U.S. government regulation of crypto assets at the national level?
• How might other countries’ attitudes toward Bitcoin change?

From this perspective, Venezuela’s $6 billion Bitcoin holdings are more like a policy testing ground.

Summary

The SEC Chair’s statement appears cautious, but fundamentally it reflects that the U.S. government is advancing its cryptocurrency policy from two dimensions: macro-level relaxation (removing risk lists, removing regulatory barriers) and cautious action (observing the disposition of national assets).

This “one hand loosening, one hand cautious” attitude indicates that the U.S. government is still transitioning from an “antagonistic” stance toward “regulated management” of cryptocurrencies, rather than fully embracing them. For Bitcoin holders, this is neither a clear positive nor negative signal, but rather an indication—the government is gradually establishing a standardized regulatory framework for crypto assets, which is actually beneficial for long-term development.