President-elect Donald Trump has just announced the selection of Paul Atkins, former Commissioner of the U.S. Securities and Exchange Commission (SEC), as the new Chairman of this agency. The announcement was posted on Truth Social on December 4, indicating a major shift in the approach to the crypto market compared to his predecessor Gary Gensler.
Paul Atkins – A crypto supporter at the SEC
#Atkins previously served as an SEC Commissioner for 6 years under President George W. Bush and is now the CEO of Patomak Global Partners, a financial services consulting firm. He is known for promoting transparency and consistency in the SEC's enforcement actions.
In the announcement, Trump praised Atkins as a visionary leader for "reasonable and innovative" regulations, particularly emphasizing the role of digital assets in boosting the U.S. economy.
Major changes for the crypto market
Gary Gensler, who has led #SEC with strict regulatory measures against the crypto market, will resign when Trump takes office. This decision has been welcomed by the crypto community, as they believe the SEC under Gensler has overstepped its authority in trying to control the vast market.
Atkins, in contrast, views crypto as a "new and exciting asset class." He has participated in various initiatives to develop best practices for digital asset issuance and has served as co-chair of the Token Alliance, an initiative promoting the responsible development of token projects.
Promising a clearer future for crypto
Atkins has criticized the lack of transparency in the SEC's current approach to crypto, calling the requirement for projects to register as it stands "incompatible" with blockchain technology. Under his leadership, the market is expected to have clearer and more friendly regulations, paving the way for the development of the digital asset ecosystem.
The appointment decision of #TRUMP still requires confirmation from the Senate. Otherwise, Trump could use the recess appointment power to place Atkins in this position.
With a pro-crypto stance and extensive experience in the financial industry, Paul Atkins is expected to bring a fresh perspective to the SEC and promote strong growth in the crypto market in the future.
