On December 5, Beijing time, Trump announced a series of nominations on his social media, among which the nomination for SEC Chairman is of utmost concern to 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 leader in common-sense regulation. He believes in the promise of strong, innovative capital markets that can respond to investor 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.
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 Blockchain Association, dedicating his efforts to researching the digital asset industry. Paul served as a commissioner of the SEC from 2002 to 2008 and strongly advocated for transparency and investor protection. He earned his Juris Doctor degree from Vanderbilt University Law School and a Bachelor of Arts degree from Wofford College with honors, and he was inducted into the National Honor Society of Colleges and Universities.
Congratulations to Paul, his beautiful wife Sarah, and their sons Stuart, Peter, and Henry.
Source:
https://truthsocial.com/@realDonaldTrump/posts/113595807734621827
In fact, there was a small mix-up the day before. Initially, Unchained reported that President-elect Donald Trump had chosen Paul Atkins, a supporter of cryptocurrency, to serve as Chairman of the SEC, according to three sources familiar with the negotiations. One source noted that Trump had contacted Atkins but was waiting for him to accept. By choosing Atkins, Trump is fulfilling his promise to the cryptocurrency community made during the campaign.
Atkins served as a commissioner of the SEC during President George W. Bush's administration and is highly respected in conservative legal circles and among Republican establishment figures. After leaving the commission, he openly supported the cryptocurrency industry and has served as co-chair of the Blockchain Association since 2017. As the founder and CEO of consultancy Potomak Global Partners, Atkins has been providing regulatory compliance consulting for digital finance companies since 2009. 'Senate Republicans do respect Commissioner Paul Atkins’ traditions,' explained JW Verret, a professor at George Mason University and former SEC advisory committee member, during a conference call earlier this month. 'He is the first true libertarian and 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 selected by Trump to serve as Treasury Secretary.
However, Coindesk later reported that a person familiar with Atkins' thoughts said that Atkins is reluctant to leave his global consulting firm to clean up what he believes is a bloated agency mismanaged by the outgoing SEC Chairman Gary Gensler. Individuals familiar with Atkins' thoughts indicated that he is unwilling to leave his company. Sources say that serving as SEC Chairman would require him to resign from his business interests, and he may only do so if the company can operate normally without him.
In any case, Trump's final nomination on December 5 indicates that Atkins has likely accepted the appointment. Additionally, following Jamie Lizárraga's announcement of departure, a committee of five members needs to fill a vacant position. The crypto community is closely watching the selection process for the SEC Chairman, which is expected to conclude in the coming days.
The reason the outside world is so concerned about the SEC Chairman position is mainly due to the significant destructive impact that current SEC Chairman Gensler has had on the cryptocurrency industry. Under his leadership, the SEC has taken extensive enforcement actions against crypto companies and protocols (including exchanges, token issuers, and NFT creators) because these companies and protocols did not register with the agency or disclose their work related to what the SEC claims are unregistered securities offerings. Gensler is also known for being difficult to work with.
During the campaign, Trump seized upon the industry's hatred of Gensler, promising clearer rules for the industry starting this summer. Trump views crypto innovation as a key point in America's competition with other countries, promising to make the U.S. the 'world capital of crypto' by replacing Gensler. He also stated that he would appoint a focused 'advisory committee' on crypto to help him fine-tune policies and may establish a national Bitcoin strategic reserve, part of which includes banning the sale of Bitcoin seized by the government in various financial crimes.
Paul Atkins was born in the 1960s. In 1980, he graduated with honors from Wofford College in Spartanburg, South Carolina, earning a Bachelor of Arts degree. In 1983, he graduated from Vanderbilt University Law School in Nashville, Tennessee, with a Juris Doctor degree. He has served as an advisor to RSR token, which has seen a significant price increase recently.
Paul Atkins has long advocated for a regulatory framework with fewer restrictions for emerging technologies such as cryptocurrency and blockchain, believing that such frameworks can promote innovation and reduce regulatory barriers that hinder its development, thereby driving the growth of the crypto sector and bringing significant innovation and development opportunities to financial markets. Atkins advocates for a coordinated regulatory framework, calling for the reduction of overlapping and burdensome regulations that could stifle innovation. He believes that regulating blockchain and the crypto market is not solely a federal government issue but involves many other jurisdictions and requires attention to regulatory differences across jurisdictions. He also emphasized the need to clarify which digital assets are considered securities and which are not, to provide the necessary regulatory certainty and help crypto businesses thrive better in the legal environment, simplifying compliance. Atkins is a staunch supporter of digital currencies, believing that digital assets and other innovations are crucial for keeping America ahead. He recognizes that the crypto industry needs a fair and orderly market to combat illegal activities such as money laundering, while also expressing concern that excessive regulation could drive innovation overseas, which would be detrimental to America's development in this field.
However, there are also subtle concerns within 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 against countless crypto companies would lead to significant destructive impacts.
Coinbase CEO Brian Armstrong harshly stated that we have informed all the law firms we work with that if they employ anyone who committed offenses against the crypto industry in the (soon-to-be former) government, we will no longer be their client. In my view, trying to illegally stifle an industry while refusing to publish clear rules is an unethical act. If you are a senior official there, you cannot say you are just following orders. They can choose to leave the SEC; many good-willed individuals have chosen to leave. This is not a normal SEC tenure. They can work in other fields (I do not believe in permanently canceling personnel), 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.
