Original | Odaily Planet Daily (@OdailyChina)
Author | Wenser (@wenser 2010)
The current SEC Chairman Gary Gensler has not yet officially stepped down, but the battle for the new SEC chairman candidate has quietly begun.
On the evening of December 3, market news indicated that Trump had nominated former SEC Commissioner Paul Atkins as the next SEC Chairman. The market reacted differently: some investors immediately identified the closely related stablecoin protocol Reserve Protocol and purchased RSR tokens; some media claimed the news could not be confirmed, and Formula News, known for its 'millisecond-level news tracking,' even caused a 'translation blunder' by translating Paul Atkins' 'hesitation to accept the position' as 'refusal to accept'; on-chain performance showed that the meme coin project DJT supported by Reserve Protocol became a major target.
Amidst the differing opinions, Odaily Planet Daily will summarize the 'news trading related to the new SEC Chairman' in this article.
Top Candidate for the New SEC Chairman: Paul Atkins is considered 'the people's choice.'
It is worth noting that Paul Atkins is not an unknown figure.
In a previous article titled (Who Will Be the New SEC Chairman After Gary Gensler?), we provided a brief introduction to him. He is not only a former SEC commissioner but also a 'key figure in the Trump camp' and a staunch 'supporter of digital assets.'
As a SEC commissioner during the Bush administration, he was known for opposing 'imposing heavy fines on companies that violate securities laws'; previously, he had opposed the (Dodd-Frank Act) which strengthened federal regulatory powers after the 2008 financial crisis. Atkins played a key role in the political transition team after Trump's election in 2016, significantly influencing Trump's laissez-faire attitude towards financial regulation.
Currently, Atkins still serves at his consulting firm Patomak Global Partners, which he founded in 2009. Meanwhile, since 2017, he has also served as co-chair of the industry association Token Alliance, which advocates for digital assets and the blockchain industry.
At that time, due to considerations of his existing position, the market did not see him as a popular candidate, but as we entered late November, the winds began to shift gradually.
On November 27, FOX Business reporter Eleanor Terrett stated that, according to two sources close to discussions at Mar-a-Lago, former SEC Commissioner Paul Atkins is still the most favored candidate among the top transition team members to lead the SEC. He not only possesses expertise in cryptocurrency technology but also has a profound understanding of the SEC's internal workings, having served as a commissioner and staff member under two SEC chairmen, Richard C. Breeden and Arthur Levitt. Atkins is considered capable of formulating an agenda that supports innovation while restoring the so-called 'gold standard,' which many Republicans believe has vanished under the leadership of outgoing Chairman Gary Gensler.
On November 28, informed sources revealed that President-elect Trump's transition team had interviewed senior financial regulatory figure and conservative financial insider Paul Atkins as a candidate for Chairman of the SEC. Sources say Atkins is the top contender to succeed the outgoing Gary Gensler. That day, the news was supported by well-known crypto-friendly lawyer John Deaton, who stated, 'If Atkins is appointed, he will lead the SEC towards a more balanced and transparent regulatory framework.'
Additionally, Paul Atkins' appointment is seen by the media as one of the signals that 'the U.S. SEC may relax its legal battles against cryptocurrency exchanges.'
When the news was truly released, the market performance could be described as a 'roller coaster plot.'
Even seasoned News Trading veterans can 'make mistakes': Formula News puts on a dramatic show.
At 1:14 AM Beijing time on December 4, crypto media Unchained reported that Trump had chosen Paul Atkins to serve as Chairman of the U.S. Securities and Exchange Commission (SEC).
1:26 AM, the well-known crypto news source DB posted on platform X citing the above news, causing the message 'Paul Atkins has been selected as the Chairman of the SEC' to spread further. Formula News followed up promptly. Subsequently, the news was confirmed by the crypto source zoomer.
As the news broke, RSR tokens related to the stablecoin protocol Reserve Protocol, which Paul Atkins advises, surged, quickly increasing by over 20%.
However, soon, with the emergence of more media news, the market began to raise further doubts and hesitations regarding Paul Atkins' 'identity turmoil.'
At 1:41 AM, well-known crypto news source Watcher Guru posted on platform X stating: 'Cannot confirm the circulating market reports about Trump selecting Paul Atkins as SEC Chairman. No official announcement from Trump.'
Original news
At 1:44 AM, Formula News reprinted a message from zoomer citing Coindesk, but translated 'PAUL ATKINS HESITANT TO ACCEPT SEC CHAIR JOB' into 'Paul Atkins is unwilling to accept the position of Chairman of the SEC' (Odaily Planet Daily note: it is worth mentioning that Formula's initial translation was 'refusal'). Subsequently, it also reprinted a similar message from DB, once again confirming Paul Atkins' hesitation to accept the position of SEC Chairman.
In response to this matter, many users have expressed dissatisfaction with Formula News, suspecting that it may be 'manipulating the market with media news.' Subsequently, Formula News founder Vida also responded multiple times on platform X regarding user comments: 'DB ZOOMER is fully automated, with no time for manual screening,' 'Users can try using Google Translate for this sentence; Formula News uses API for full automated translation, with no time for manual modifications.' He even attached translations from Google Translate and ChatGPT for clarification.
Regardless, the market has begun to buy into the news that 'Paul Atkins has been selected as the Chairman of the SEC.'
According to Coingecko data, the RSR token is currently priced at $0.021, with a 24-hour increase of 68.5%, and a market cap of approximately $1.11 billion.
RSR token information
Additionally, at 1:43 AM, Formula News also released a message stating that 'well-known trader GCR claimed he had sold his long position in RSR a long time ago' in a private Discord chat. Currently, that message has been deleted.
On the other hand, according to monitoring by The Data Nerd, the well-known market maker GSR deposited a total of 280 million RSR (approximately $6.66 million) into Binance earlier today; in the past 24 hours, it deposited a total of 265 million RSR (approximately $10.82 million) into Binance. According to on-chain analyst @ai_9684_xtpa, the market maker for RSR is GSR Markets. Excluding the recent exchange inflow, GSR has also been frequently trading RSR recently, influencing its price fluctuations.
Summary: Sell the News VS Buy the News
Throughout this dramatic farce, whether 'Paul Atkins will ultimately succeed Gary Gensler as the SEC Chairman' is still undecided, but the market battle surrounding this matter has reached a temporary conclusion: market users voted with their feet, purchasing RSR tokens; Formula News played a rather discreditable role as a 'market manipulator'; the on-chain meme coin DJT also saw a certain increase.
But when it comes to the ultimate winner, it may well be Reserve Protocol, as the increased market attention and token price rise, along with the potential 'benefit of Paul Atkins taking office,' are very real.
