President-elect Donald Trump is set to nominate former SEC Commissioner Paul Atkins to lead the Securities and Exchange Commission (SEC), reinforcing his commitment to a crypto-friendly administration.
This announcement follows the resignation of current SEC Chair Gary Gensler, whose last day in office will coincide with Trump’s inauguration on January 20.
Clearer Crypto Regulations Ahead?
Gensler has been criticized by many in the crypto community for his aggressive regulatory stance, which many believe has stifled innovation in the $3.5 trillion digital asset market.
The outgoing chairman has led the agency into increased legal battles with key industry players such as Binance, Coinbase, Uniswap, and most notably, Ripple Labs.
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Atkins, on the other hand, currently the CEO of Patomak Global Partners, has significant experience in the financial sector and is “well respected” in Republican political circles and is expected to present a clear regulatory framework for the crypto ecosystem.
The President-elect administration’s focus on easing regulations is expected to provide a more supportive environment for Bitcoin and other digital assets, which have seen a surge in value since Trump’s election victory on November 5.
A Pro-Deregulation Voice For The SEC
During his prior tenure as SEC Commissioner from 2002 to 2008 under President George W. Bush, Atkins developed a reputation for advocating less regulatory burden on financial markets. According to Trump’s statement in a Truth Social post:
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. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.
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It now remains to be seen who will be confirmed to lead the Commodity Futures Trading Commission (CFTC), as sources told Fox Business that the incoming Donald Trump administration may also empower the agency to regulate certain crypto assets.
Featured image from NYT, chart from TradingView.com