Pro-Cryptocurrency Candidate Paul Atkins Becomes New SEC Chairman
December 4, 2024
President-elect Donald Trump has appointed cryptocurrency advocate Paul Atkins to lead the Securities and Exchange Commission (SEC).
Atkins previously served as SEC Commissioner from 2002 to 2008 under President George W. Bush.
Paul Atkins to replace Gary Gensler in January
According to Trump's statement on Truth Social, Atkins is set to replace Gary Gensler on January 20. Gensler announced his resignation last month, expecting Trump to fire him, as he promised during the campaign.
Atkins’s selection signals a major shift in the SEC’s approach to regulating financial markets. Known for his conservative stance, he is likely to push for less regulatory burden and lighter penalties for violations.
“Paul is a proven leader of rational systems,” Trump wrote on Truth Social. “He believes in the promise of strong, innovative financial markets that respond to investors’ needs. He also understands that digital assets and other innovations are essential to making America greater than ever.”
His tenure could represent a departure from the more stringent enforcement policies of his predecessor.
The cryptocurrency market has shown strong reactions to this announcement. The Reserve Rights (RSR) token saw the most dramatic response, rising in value by around 30%.
This is because Atkins previously served as an advisor to Project RSR, adding to market optimism about his leadership at the SEC.
“Trump not only promised to have a liberal in his administration but to ensure that cryptocurrencies are protected,” political journalist Eric Dougherty wrote on X. “He’s now delivering on that promise.”
Meanwhile, XRP saw a 3% surge on the news. Atkins has been vocal in his criticism of the SEC’s legal battle against Ripple and its XRP token. He previously highlighted alleged inconsistencies in the case and suggested that Gensler might have withdrawn the lawsuit under different circumstances.