Editor | Wu Says Blockchain
In the early hours of December 5th, Beijing time, Trump announced a series of nominations on his social media, among which the nomination for the SEC chair is the most concerning in the crypto world. Trump stated:
'I am pleased to announce the nomination of Paul Atkins as the next chairman of the U.S. Securities and Exchange Commission.'
Paul is recognized as a common-sense regulatory leader. He believes in the commitment to strong, innovative capital markets that can respond to investors' needs and provide capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are crucial for making America greater than ever before.
Paul is the CEO and founder of the risk management consulting firm Patomak Global Partners. Since 2017, he has served as co-chair of the Coin Coalition and has been dedicated to studying the digital asset industry. Paul served as a commissioner of the SEC from 2002 to 2008, where he strongly advocated for transparency and investor protection. He earned his Juris Doctor degree from Vanderbilt University Law School with honors and a Bachelor's degree from Wofford College, and was inducted into the National Honor Society for College Scholars.
Congratulations to Paul, his beautiful wife Sarah, and sons Stuart, Peter, and Henry.
Source:
https://truthsocial.com/@realDonaldTrump/posts/113595807734621827
In fact, the day before there was a small mix-up. First, Unchained reported: According to three people familiar with the negotiations, President-elect Donald Trump has chosen Paul Atkins, a supporter of cryptocurrencies, to serve as the chairman of the U.S. Securities and Exchange Commission (SEC). One source pointed out that Trump has reached out to Atkins but is waiting for his acceptance. By choosing Atkins, Trump is fulfilling his promise made to the cryptocurrency community during his campaign.
Atkins previously served as a commissioner of the SEC during President George W. Bush's administration and is widely respected in conservative legal circles and among Republican establishment figures. After leaving the commission, he openly supported the cryptocurrency industry and has been co-chair of the industry organization Coin Coalition since 2017. As the founder and CEO of consulting firm Potomak Global Partners, Atkins has provided regulatory compliance consulting for digital finance companies since 2009. 'Senate Republicans do respect Commissioner Paul Atkins' tradition,' explained George Mason University professor JW Verret (who previously served on the SEC Advisory Committee) during a conference call earlier this month. 'He is the first true libertarian SEC commissioner, which is a unique thing.' According to a source close to Atkins, he has a close relationship with Scott Bessent, founder of Key Square Group. Bessent is a billionaire chosen by Trump to serve as Secretary of the Treasury.
But then Coindesk reported that a person familiar with Atkins' thoughts said he is less willing to leave his global consulting firm to clean up what he believes is a bloated agency mismanaged by the outgoing SEC chair Gary Gensler. Those familiar with Atkins' thoughts stated he is reluctant to leave his company. Sources indicated that serving as SEC chair would require him to resign from his business interests, and only if the company could operate normally without him might he consider doing so.
In any case, Trump's final nomination on December 5 indicates that Atkins has very likely accepted this appointment. Additionally, after Jamie Lizárraga announced his departure, a committee of five members still needs to fill one commissioner position. The crypto community is closely monitoring the selection process for the SEC chair, which is expected to be completed in the coming days.
The reason why the outside world is so concerned about the SEC chair position is mainly due to the significant destructive impact caused by the current SEC chair Gensler on the cryptocurrency industry. Under his leadership, the SEC has taken a large number of enforcement actions against crypto companies and protocols (including exchanges, token issuers, and NFT creators) for not registering with the agency or failing to disclose their work related to what the SEC claims are unregistered securities offerings. Gensler is also known for being difficult to work with.
During his campaign, Trump seized on the industry's hatred for Gensler, promising to establish clearer rules for the industry starting this summer. Trump views crypto innovation as a key point for the U.S. to compete with other countries, promising to make America the 'crypto capital of the world' by replacing Gensler. He also stated he would appoint a 'Advisory Committee' focused on crypto to help him fine-tune policies and may establish a national Bitcoin strategic reserve, part of which involves banning the sale of Bitcoin seized by the government in various financial crimes.
Paul Atkins was born in the 1960s. In 1980, Paul Atkins graduated with honors from Wofford College in Spartanburg, South Carolina, obtaining a Bachelor's degree. In 1983, he graduated from Vanderbilt University Law School in Nashville, Tennessee, earning a Juris Doctor degree. He has served as an advisor for the RSR token, which has recently seen a significant price increase.
Paul Atkins has long advocated for a less restrictive regulatory framework for emerging technologies, such as cryptocurrencies and blockchain, believing that such a framework can promote innovation and reduce regulatory barriers that hinder its development, thereby driving growth in the crypto space and bringing significant innovation and development opportunities to financial markets. Atkins calls for establishing a coordinated regulatory framework and reducing overlapping and cumbersome regulations that could stifle innovation. He believes that regulating blockchain and the crypto market is not just a federal issue but also involves many other jurisdictions, requiring attention to regulatory differences across jurisdictions. He also emphasizes the need to clarify which digital assets are considered securities and which are not, to provide necessary regulatory certainty that helps crypto businesses thrive in a legal environment, making compliance simpler. Atkins is a staunch supporter of digital currencies, believing that digital assets and other innovations are crucial for keeping America at the forefront. He recognizes that the crypto industry needs a fair and orderly market to combat illegal activities such as money laundering, while he also worries that excessive regulation may drive innovation overseas, which is detrimental to the U.S.'s development in this field.
However, there are some concerns in the community, as before Gary took office, he was widely regarded as the scholar most knowledgeable about blockchain technology. No one anticipated his endless enforcement actions leading the SEC against numerous large cryptocurrency companies, which had a devastating impact.
Coinbase CEO Brian Armstrong stated firmly that we have made it clear to all the law firms we work with that if they hire anyone who has committed wrongdoing against the crypto industry in the (upcoming) former administration, we will no longer be their client. In my view, attempting to illegally stifle an industry while refusing to release clear rules is unethical. If you are a senior official there, you cannot say you are just following orders. They can choose to leave the SEC; many well-meaning people have chosen to leave. This is not a normal SEC term. They can work in other fields (I do not believe in permanent personnel cancellations), but as an industry, we should not put money into their pockets after suffering devastation. Let your law firm know that hiring these people means losing you as a client.