Thailand’s Crypto Conundrum: Will SEC’s Bold Moves Unlock Hidden Global Powers?

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In recent developments within the cryptocurrency sector, Thailand’s Securities and Exchange Commission (SEC) is considering the listing of spot Bitcoin exchange-traded funds (ETFs) on local exchanges. SEC Secretary-General Pornanong Budsaratragoon emphasized the need for aligning with global cryptocurrency adoption while ensuring investor protection. Although Thailand’s One Asset Management already offers exposure to overseas spot Bitcoin ETFs through a fund-of-funds, direct local listings have yet to be approved. The SEC is also exploring allowing firms with strong credit ratings to issue stablecoins backed by corporate bonds, aiming to enhance access to debt markets.

Concurrently, Thailand’s Technology Crime Suppression Division announced intentions to propose the closure of Polymarket, a cryptocurrency prediction market, citing illegal online gambling activities related to the use of cryptocurrency for trading and betting. This follows Singapore’s recent action against the platform due to similar concerns.


In the United States, Representative Tom Emmer has been appointed as vice chair of the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. The subcommittee, established in 2023, oversees the development and utilization of crypto assets and related technologies. Emmer highlighted the opportunity to shape the future of digital assets with American values, as announced by House Financial Services Committee Chairman French Hill.

Outgoing US SEC Chair Gary Gensler, set to leave the body shortly, commented on the minor impact of crypto interest groups on the recent presidential election. Addressing the 2024 election outcome, Gensler stated that despite fundraising from the crypto sector, it did not decisively influence the election in favor of President-elect Donald Trump. He noted compliance issues within the crypto industry in relation to money laundering, sanctions, and securities laws, reflecting on several SEC enforcement actions against US-based crypto firms during his tenure.