U.S. President-elect Donald Trump has confirmed Paul Atkins, the highly ranked favorite to succeed Gary Gensler. The pro-crypto advocate has been appointed as the chairperson of the Securities and Exchange Commission (SEC) during his presidency.
It’s Official. President-elect Donald Trump on Wednesday announced his new appointment for the role of new Chairman of the Securities and Exchange Commission following Gary Gensler’s resignation.
Trump wrote on Truth Social, “I am delighted to announce the nomination of Paul Atkins to be the next Chairman of the Securities & Exchange Commission.”
He continued, “Paul is a proven leader for common-sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors and that provide capital to make our Economy the best in the World. He also recognizes that digital assets and other innovations are crucial to Making America greater than Ever Before.”
Paul Atkins nomination
According to reports, Trump’s transition team nominated Paul Atkins for the position following a two-day interview session on December 1st. One of the sources observed Atkins at Trump’s resort earlier this week.
Atkins was regarded as a highly qualified candidate for the position because of his comprehension of the Securities and Exchange Commission (SEC). He served as a commissioner at the securities agency during George W. Bush’s presidency and as a staff member under two previous SEC chairmen.
As investors were preparing for the next economic calendar under Trump or Kamala Harris, the crypto industry was expected to be among the most impacted industries. In particular, the SEC was expected to endure a significant transformation, as the new administration was expected to be more pro-crypto.
Now, the long-awaited transition commences with Atkins’ appointment.
Will Paul Atkins take up the role?
Atkins has not officially accepted the position despite the fact that the transition team has reportedly nominated him to replace the current chairman of the U.S. SEC.
Atkins was hesitant to accept the position. The position is not attractive due to the agency’s mismanagement under Gensler’s current leadership. The crypto entity also has very high expectations of him.
Additionally, the newly selected SEC chairman was hesitant to give up his position as CEO at Patomak Global Partners, a corporation he established. Patomak is a consulting firm that specializes in regulatory compliance and risk management for insurance companies, banks, and crypto industries.
According to the source, Atkins intends to depart from his current position at Patomak for an additional engagement only when the organization is fully independent.
Atkins is expected to review many of Gensler’s rules and enforcement actions wending their way through the courts, adopt a softer touch on crypto, and pursue rule changes aimed at promoting capital formation.
“His distinguished record, years of experience in the industry, and history of service at the SEC make him a supremely well-qualified nominee,” Eric Pan, the chief executive of investor lobby group the Investment Company Institute, told Reuters.
What the new administration means to the crypto industry
The crypto sector has been significantly challenged by government agencies in the United States over the past few years. There was an abundance of opposition to the expansion of these initiatives and companies, as lawsuits were common.
However, analysts anticipated that this would undergo a significant transformation now that Trump has disclosed the new SEC chair. Trump’s administration also appears to have been persuaded that Atkins is the ideal candidate for the position.
Atkins has been an enthusiastic supporter of crypto, providing testimony to Congress regarding its advantages. His presence should entirely alter the agency’s perspective.
Furthermore, Paul Atkins’ presence could bring the nation one step closer to establishing its own strategic Bitcoin reserve.
Certainly, Trump’s new administration’s anticipated comeback to the White House has driven Bitcoin to reach an impressive all-time high of $99,000. XRP also moved from under one dollar to an all-time high of $2.82.
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