- President-elect Donald Trump announced that Paul Atkins will replace Gary Gensler as SEC Chair.
- Trump notes that Atkins recognizes that digital assets are crucial in "making America greater than ever before."
- Most crypto leaders believe Atkins will help the crypto industry flourish regulatory-wise.
President-elect Donald Trump confirmed on Wednesday that he has nominated Patomak Global Partners CEO Paul Atkins as the next Chairman of the Securities & Exchange Commission (SEC).
Trump chooses Paul Atkins to lead SEC, garnering support from crypto industry
In a Truth Social post on Wednesday, Trump announced that Paul Atkins will lead the SEC under his upcoming administration as President of the US.
Atkins served as a SEC Commissioner under former President George W. Bush and has shown support for the digital asset industry by co-chairing the Token Alliance at the industry group Digital Chamber of Commerce since 2017.
According to an earlier FXStreet report, Atkins was considered the favorite to lead the agency under Donald Trump's administration but had allegedly shown reluctance to accept the role due to the work it would take to forge a turnaround in the agency.
The news of his appointment comes as a positive development for the crypto market, as many believe Atkins will steer positive regulations toward the crypto industry in line with Trump's campaign promises.
"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, & that provide capital to make our Economy the best in the World," wrote Trump in a post on his social media platform Truth Social. "He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before."
Paul Atkins has spoken in support of the crypto industry on several occasions, once stating that cryptocurrencies could promote innovation and shouldn't be treated as traditional securities.
Gary Gensler, the outgoing SEC Chair, announced last month that he would be stepping down from his role at the agency on January 20.
The digital asset industry suffered from harsh regulations during the Gensler administration, with several crypto companies, including Binance, Ripple, Kraken and Coinbase, facing lawsuits from the SEC.
However, with Atkins at the helm of the agency, many key crypto opinion leaders believe he would help the industry flourish regulatory-wise.
Ripple Labs CEO Brad Garlinghouse stated in an X post on December 4 that Atkins "will bring common sense back to the [SEC]." "It's time to swiftly and definitively end the prohibition era on crypto," he added.
Jake Chervinsky, Chief Legal Officer at Variant Fund, also shared his take on social media X:
It's impossible to express the magnitude of the shift we're likely to see at an SEC run by Paul Atkins.
— Jake Chervinsky (@jchervinsky) December 4, 2024
Crypto has literally never existed without the overhang of uncertainty or hostility from US regulators.
This moment is a regulatory singularity before a new era for crypto
Following the news, the crypto market rebounded, with Bitcoin moving above $98,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRUMP token leads $906 million in unlocks this week with over $330 million release
According to Tokenomist, 15 altcoins will unlock more than $5 million each in the next 7 days. Wu Blockchain data shows that the total unlocked value exceeds $906 million, of which the TRUMP token will unlock more than $330 million.
Why Mantra token’s dramatic 90% crash wiped out $5.2B market share
Mantra price hovered at $0.83 during the Asian session on Monday, following a massive 90% crash from $6.33 on Sunday. The crash wiped out $5.2 billion in the token’s market capitalization, quickly drawing comparisons to the infamous collapse of Terra LUNA and FTX in 2022.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC is on the verge of a breakout while ETH and XRP stabilize
Bitcoin price approaches its key resistance level at $85,000 on Monday; a breakout indicates a bullish trend ahead. Ethereum and Ripple found support around their key levels last week, suggesting a recovery is in the cards.
Bitcoin and crypto market sees recovery as Fed official says agency ready to stabilize market if necessary
Bitcoin rallied 5% on Friday, trading just below $84,000 following Susan Collins, head of the Boston Federal Reserve (Fed), hinting that the agency could stabilize markets with "various tools" if needed.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.