Last night, RSR surged 50.72% to reach $0.026 before briefly falling to $0.019, with the current RSR price at $0.023. The RSR concept meme DTF rose from $0.012 to $0.03, experiencing a short-term increase of 235% before dropping to $0.015, with the current price at $0.023.
This is because sources indicate that Trump has chosen Paul Atkins as the next SEC Chairman, and Atkins previously served as an advisor for the RSR project. However, since Atkins did not confirm this news and sources suggested his hesitance, the related tokens experienced a brief drop.
Who is Paul Atkins?
Paul Atkins is a former SEC Commissioner during the George W. Bush administration, known for opposing 'high fines on companies that violate securities laws' and previously opposing the Dodd-Frank Act, which strengthened federal regulatory powers following the 2008 financial crisis.
In 2016, Atkins played a key role in Trump's political transition team after he was elected president, significantly influencing Trump's laissez-faire attitude towards financial regulation.
Currently, Atkins is still serving at his consulting firm Patomak Global Partners, which he founded in 2009. Since 2017, he has also held the position of co-chair in the Token Alliance, an industry association advocating for digital assets and blockchain.
The connection to RSR arises from the community discovering that Atkins had served as an advisor for the project.
Reserve founder Nevin Freeman previously explained that 'Paul is not currently actively involved in advisory work for Reserve; he was just an advisor in the early stages of the project. However, the open-mindedness he demonstrated during our interactions left a deep impression on me, and his willingness to publicly serve as an advisor to Reserve indicates his commitment and support for the cryptocurrency space.'
As a result, after the news aggregation account db referenced Unchained's report that Trump chose Atkins as the next SEC Chairman, the price surged.
Unchained's original news article stated: 'According to three sources familiar with the matter, Trump has selected Paul Atkins, a supporter of cryptocurrencies, to serve as SEC Chairman. One source indicated that Trump has reached out to Atkins but is still waiting for his formal acceptance of the appointment.'
Less than twenty minutes later, another major news aggregation account Watcher.Guru reported that 'there is no confirmation regarding rumors that President Trump has selected Paul Atkins as SEC Chairman; no official statement has been released from Trump's side yet.'
According to a report from Coindesk, a person familiar with Atkins' thoughts stated that Atkins is hesitant about leaving his global consulting firm to clean up what he perceives as an overgrown agency poorly managed by the outgoing SEC Chairman Gary Gensler.
Immediately following, another major news outlet reported that trader GCR stated in Discord that he had sold RSR a long time ago, although this post has since been deleted.
The trading news transmission process mentioned above led to the sharp rise and fall of RSR and DTF in a short time, essentially reflecting the current market's emotional gambling based on the SEC Chairman's outcome.
Currently, compliance forecasting platform Kalshi shows that the probability of Paul Atkins becoming the next SEC Chairman has risen to 88%.
Previously, FOX Business reporter Eleanor Terrett revealed that Trump is expected to announce the successor to the SEC Chairman as early as today, mentioning that veteran financial regulator and conservative financial industry insider Paul Atkins is the most likely candidate. President-elect Donald Trump's transition team has also interviewed Paul Atkins, and two sources close to Mar-a-Lago indicated that among the top members of Trump's transition team, former SEC Commissioner Paul Atkins has the highest chance of being appointed SEC Chairman.
What are the concepts surrounding SEC Chair hype?
RSR
Reserve Rights (RSR) is a dual-token stablecoin platform launched on Huobi Prime in May 2019. Reserve aims to build a stable, decentralized stablecoin and digital payment system, with the stablecoin featuring characteristics of self-regulating supply based on demand and being backed by 100% or more on-chain collateral.
The main issue RSR aims to address 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 profit loss during market downturns. The Reserve protocol provides stable value storage, exchange mediums, and deferred payment standards for the market. Today, the focus of the Reserve Rights ecosystem is to help individuals, treasuries, and DAOs combat inflation.
The total supply of RSR is 100,000,000,000 tokens, with a current market cap of $1,390,407,126 and a TVL of $278,254,588.
DTF
DTF is a meme coin that has no direct relation to the Decentralized Token Folios protocol launched by Reserve, with its full name being 'Believe In Something,' corresponding to the DTF website's slogan 'Stop trading, believe in something.'
Currently, DTF's total market capitalization is $23.9 million, with a 24-hour trading volume of $20 million.
HBAR
Former Binance CEO and Hedera Foundation board member Brian Brooks is also a leading contender for the next SEC Chairman, thus HBAR has recently been speculated as a concept coin for the SEC Chairman.
Hedera is designed for fast, fair, and secure applications, leveraging the efficiency of Hashgraph on a trusted decentralized public network. By limiting the number of nodes involved in key functions such as timestamping and transaction ordering, Hedera Hashgraph can quickly achieve finality, thereby reducing the likelihood of changes to the transaction status later.
XRP
XRP surged fivefold in a month, returning its market cap to the third position among crypto assets, back to levels seen before the SEC and Ripple lawsuit in 2020, making this enduring token one of the strongest performers among altcoins recently.
Related articles: (XRP's market cap returns to crypto third place, what is driving its surge?)
Ripple is a real-time gross settlement system, currency exchange and remittance network created by the 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 nearly free global financial transactions of any scale, with no chargebacks.'
Since Trump's administration, various cryptocurrency-related policies have been introduced, and the launch path of XRP is closely related to the resignation announcement of the current SEC Chairman. The SEC filed a lawsuit against Ripple and its two executives—CEO Brad Garlinghouse and co-founder Chris Larsen—on charges of 'conducting an unregistered securities sale of $1.3 billion,' and this lawsuit remains unresolved to this day.
On December 1, former CFTC Chairman Chris Giancarlo stated in an interview that the SEC should reconsider its approach, especially in light of recent legal outcomes and the potentially changing regulatory environment. When asked if the SEC would drop the Ripple lawsuit, Giancarlo said, 'I think they should... I bet they will.'
