Last night, RSR instantly rose by 50.72% to $0.026, then fell to $0.019 for a short time. The current price of RSR is $0.023. RSR concept meme DTF rose from $0.012 to $0.03, rose by 235% in a short time, then fell to $0.015, and the current price is $0.023.
This is because sources said that Trump has chosen Paul Atkins as the next SEC chairman, and Atkins served as an advisor to the RSR project.
Paul Atkins, a former SEC commissioner during the George W. Bush administration, is known for opposing "heavy fines for companies that violate securities laws" and previously opposed the Dodd-Frank Act, which strengthened federal regulatory powers after the 2008 financial crisis.
In 2016, Atkins played a key role in Trump’s political transition team after he was elected president, and was instrumental in influencing Trump’s laissez-faire approach to financial regulation.
Atkins currently still works at Patomak Global Partners, the consulting firm he founded in 2009. Since 2017, he has also served as co-chair of the Token Alliance, an industry association that advocates for the digital asset and blockchain industries.
The connection with RSR came after the community discovered that Atkins had served as a consultant for the project.
Reserve founder Nevin Freeman once wrote an article explaining that "Paul is not actively involved in Reserve's consulting work at the moment. He is only an advisor in the early stages of the project. But in our interactions, I was impressed by his open mind, and his willingness to publicly serve as a Reserve advisor shows his commitment and support for the cryptocurrency field."
As a result, the price surged after news aggregator account db published the news that Trump had chosen Atkins to be the next SEC chairman, citing a report from Unchained.
Unchained’s original news article reads: “Trump has selected crypto-friendly Paul Atkins as SEC chairman, according to three people familiar with the matter. One source said Trump has contacted Atkins but is waiting for him to formally accept the appointment.”
Less than 20 minutes later, another major news aggregation account, Watcher.Guru, posted a message saying that "it is impossible to confirm the rumors that President-elect Trump has selected Paul Atkins as SEC Chairman. Trump has not yet issued any official statement."
According to Coindesk, a person familiar with Atkins’ thinking said Atkins was hesitant about leaving his global consulting firm to clean up an agency he believes was bloated by mismanagement by outgoing SEC Chairman Gary Gensler.
Soon after, another major news terminal Equation released a push saying that trader GCR stated in the discord that he had sold RSR a long time ago, but the push has now been deleted.
The above trading news transmission process caused RSR and DTF to soar and plummet in a short period of time. In essence, it is an emotional game in the current market based on the results of the SEC chairman.
Currently, data from compliance prediction platform Kalshi shows that Paul Atkins' probability of becoming the next SEC chairman has risen to 88%.
Earlier, according to FOX Business reporter Eleanor Terrett, Trump will announce the successor to the SEC chairman as soon as today. She said that Paul Atkins, a senior financial regulator and a think tank behind the conservative financial community, is the most likely potential candidate. President-elect Donald Trump's transition team has also interviewed Paul Atkins. Two sources close to Mar-a-Lago also revealed that among the senior members of Trump's transition team, former SEC Commissioner Paul Atkins is most likely to be elected SEC Chairman.
What concepts are being hyped by the SEC Chairman?
RSR
Reserve Rights (RSR) is a dual-token stablecoin platform launched on Huobi Prime in May 2019. Reserve aims to build a stable, distributed stablecoin and digital payment system with stablecoins that have a self-regulating supply based on demand and are backed by 100% or more on-chain collateral.
The main problem that RSR is trying to reduce is volatility, as the volatility of cryptocurrencies limits the market's expansion as a medium of exchange. Merchants have been reluctant to accept cryptocurrencies due to concerns about potential loss of profits during market downturns. The Reserve Protocol provides the market with a stable store of value, medium of exchange, and deferred payment standard. Today, the Reserve Rights ecosystem is focused on helping individuals, treasuries, and DAOs fight inflation.
The total supply of RSR is 100,000,000,000, with a current market value of US$1,390,407,126 and a TVL of US$278,254,588.
DTF
DTF is a meme coin and has no direct relationship with the Decentralized Token Folios protocol launched by Reserve. Its full name is "Believe In Something", which corresponds to "Stop trading, believe in something" on the DTF official website.
Currently, DTF has a total market value of $23.9 million and a 24-hour trading volume of $20 million.
XRP
XRP has risen fivefold in a month, and its market value has returned to the third place among crypto assets, returning to the level before the SEC and Ripple lawsuit in 2020, making this old token that has gone through the cycle one of the strongest performing altcoins in recent times.
Related reading: (XRP market value returns to the third place in cryptocurrencies, what is driving its surge?)
Ripple is a real-time gross settlement system, currency exchange and remittance network created by American technology company Ripple Labs Inc. Ripple was launched in 2012 and is based on a distributed open source protocol that supports tokens representing fiat currencies, cryptocurrencies, commodities or other units of value. It claims to enable "secure, instant and virtually free global financial transactions at any scale, with no chargebacks"
After Trump took office, crypto-related policies have been continuously introduced. The launch of XRP has a lot to do with the resignation of the current chairman of the SEC. The SEC sued Ripple and its two executives, CEO Brad Garlinghouse and co-founder Chris Larsen, in December 2020, for "conducting an unregistered sale of $1.3 billion in securities." The lawsuit has not been concluded until now.
On December 1, former CFTC Chairman Chris Giancarlo said in an interview that the SEC should reconsider its approach, especially in light of recent legal outcomes and a potentially changing regulatory environment. When asked if the SEC would drop the Ripple lawsuit, Giancarlo said: “I think they should… I bet they will.”
