Written by: Wenser, Odaily Planet Daily
Current SEC Chairman Gary Gensler has not yet officially stepped down, but the speculation surrounding the new SEC chairman candidate has already 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. Upon the news breaking, the market reacted differently: some investors quickly dug up the stablecoin protocol Reserve Protocol, closely related to Atkins, and purchased RSR tokens; some media reported that the news could not be confirmed, and Equation News, known for its "millisecond-level news tracking," even caused a "translation blunder" by translating Paul Atkins' "hesitation to accept this position" as "refusal to accept"; on-chain performance-wise, the meme coin project DTF supported by Reserve Protocol became a major target.
Amidst various opinions, Odaily Planet Daily will sort through this dramatic event regarding "news trading related to the new U.S. SEC chairman" in this article.
Top candidate for the new U.S. SEC chairman: Paul Atkins can be described as "the choice of the public"
It is worth noting that Paul Atkins is not a nobody.
In a previous article titled (Who Will Be the New SEC Chairman After Gary Gensler?), we briefly introduced him as not only a former SEC commissioner but also a "key figure in Trump’s circle" and a staunch "supporter of digital assets."
As an SEC commissioner during the Bush administration, he was known for opposing "imposing hefty fines on companies violating securities laws"; previously, he had expressed opposition to the (Dodd-Frank Act) which strengthened federal regulatory powers after the 2008 financial crisis. Atkins played a key role in Trump's political transition team after his election in 2016, 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. Meanwhile, since 2017, he has also served as co-chair of the Token Alliance, an industry association advocating for digital assets and blockchain.
At that time, due to his current position, the market did not consider him a popular candidate, but as we approached the end of November, the tide began to gradually shift.
On November 27, FOX Business reporter Eleanor Terrett reported that according to two sources close to discussions at Mar-a-Lago, former SEC commissioner Paul Atkins remains the most popular candidate among the top transition team members leading the SEC. He not only has a deep understanding of 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 believed to be capable of formulating an agenda that supports innovation while restoring the so-called "gold standard," which many in the Republican Party believe has disappeared under the leadership of the outgoing chairman, Gary Gensler.
On November 28, sources revealed that the transition team of U.S. President-elect Trump has interviewed veteran financial regulator and conservative financial figure Paul Atkins as a candidate for the chairman of the U.S. Securities and Exchange Commission (SEC). Sources say that Atkins is the top contender to succeed the outgoing Gary Gensler. On the same day, the news was supported by prominent 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' rise is seen by the media as one of the signals that "the U.S. SEC may ease legal battles against cryptocurrency exchanges."
When the news was finally released, the market's performance could be described as a "rollercoaster-like drama."
News Trading veterans can also "make mistakes": Equation News staged a dramatic scene.
At 1:14 AM Beijing time on December 4, crypto media Unchained reported that Trump has chosen Paul Atkins to serve as the chairman of the U.S. Securities and Exchange Commission (SEC).
At 1:26 AM, well-known crypto source DB posted on X platform citing the above news, further spreading the news of "Paul Atkins being elected as SEC chairman." Equation News followed up immediately. Subsequently, the news was confirmed by crypto source zoomer.
Upon the news breaking, the token RSR related to the stablecoin protocol Reserve Protocol, which Paul Atkins advises, rose sharply, quickly gaining over 20%.
However, soon, with the emergence of more media reports, the market began to generate further doubts and hesitations regarding Paul Atkins' "identity turmoil."
At 1:41 AM, well-known crypto source Watcher Guru posted on X platform stating: "Cannot confirm the reports circulating in the market about Trump choosing Paul Atkins as SEC chairman. No official announcement from Trump."
Original message
At 1:44 AM, Equation News reprinted zoomer's news citing Coindesk, but translated "PAUL ATKINS HESITANT TO ACCEPT SEC CHAIR JOB" as "Paul Atkins is unwilling to accept the position of chairman of the U.S. Securities and Exchange Commission" (Note from Odaily Planet Daily: It is worth mentioning that the original translation by Equation was "refusal"). Afterwards, it also reprinted a similar message from DB, once again confirming Paul Atkins' hesitation to accept the SEC chairman position.
In response to this matter, many users have expressed dissatisfaction with Equation News, suspecting it of "media manipulation of the market." Subsequently, Equation News founder Vida also responded multiple times to user comments on X platform: "DB ZOOMER is fully automated, with no time to manually filter;" "Users can try using Google Translate for this statement themselves; Equation News uses API for full automatic translation, with no time for manual edits." He even attached translations from Google Translate and ChatGPT for clarification.
But regardless, the market has begun to Buy in (purchase) the news of "Paul Atkins being elected as SEC chairman."
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, Equation News also published a message stating that "well-known trader GCR said in a private discord chat that he had sold his long position in RSR a long time ago." This message has since been deleted.
On the other side, according to The Data Nerd's monitoring, the well-known market maker GSR deposited a total of 280 million RSR (approximately $6.66 million) into Binance earlier today; within the past 24 hours, it has deposited a total of 265 million RSR (approximately $10.82 million) into Binance. According to on-chain analyst @ai_9684 xtpa's monitoring, GSR Markets is the market maker for RSR. Aside from the recent exchange inflow operation, GSR has also been frequently trading RSR, contributing to its price fluctuations.
Summary: Sell the News VS Buy the News
In this dramatic episode, it remains uncertain whether "Paul Atkins will ultimately succeed Gary Gensler as the SEC chairman," but the market speculation surrounding this matter has reached a temporary conclusion: market participants voted with their feet, purchasing RSR tokens; Equation News played a rather unsavory role as "news manipulators in the market"; the on-chain meme coin DTF also saw some gains.
But when it comes to the final winner, it seems that the Reserve Protocol is the biggest beneficiary, as it has garnered market attention and seen a rise in token prices, along with the potential "beneficial impact of Paul Atkins' appointment."
