As a seasoned researcher with a keen interest in financial regulations and digital assets, I find the potential appointment of Paul Atkins as the new SEC chair under President-elect Donald Trump’s administration intriguing. Having previously served as an SEC commissioner under two chairs, Richard Breeden and Arthur Levitt, Atkins brings a wealth of experience and a balanced regulatory approach to the table. His deep understanding of securities law, coupled with his pro-innovation stance, could pave the way for a more favorable environment for US crypto regulations, potentially reversing what some have criticized as overreach by the current SEC leadership.
It is predicted that former U.S. Securities and Exchange Commission (SEC) Commissioner, Paul Atkins, is currently the front-runner for the position of heading the SEC in President-elect Donald Trump’s upcoming administration.
According to a post by financial reporter Eleanor Terrett, Atkins is recognized for his strong support for innovation in the field of cryptocurrency and is said to possess the ability to reinstate the currency back to what is commonly referred as the “gold standard.
There’s chatter that Atkins’ possible selection might coincide with rumors about Trump’s government transferring the supervision of cryptocurrency regulations from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). This potential move, if it happens, could signal a significant policy shift that may have far-reaching implications for the crypto industry.
If Gary Gensler steps down as the SEC Chair in January 2025, and Atkins takes over, this change could bring significant shifts in U.S. cryptocurrency regulations. Instead of potentially restricting crypto innovations, these new regulations might actually foster and encourage further advancements.
Atkins to replace Gensler?
Previously holding the position of SEC commissioner during the tenures of both Richard Breeden and Arthur Levitt, Atkins is known for his even-handed regulatory style and extensive knowledge in the field of securities law.
It’s expected that his leadership will create a more inviting atmosphere for cryptocurrency regulation in the U.S., which could counteract the perceived excessive intervention by the present SEC leadership, as some critics have put it.
Trump is also reportedly considering a new White House post dedicated to crypto policy.
Trump administration eyes CFTC for crypto
There are reports that the Trump government is thinking about shifting responsibility for managing cryptocurrencies and digital currency exchanges from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC).
Making this change would transfer the duty of overseeing digital assets categorized as commodities, like Bitcoin, to an agency known for its pro-innovation stance.
During Chris Giancarlo’s tenure as head of the Commodity Futures Trading Commission (CFTC), which began during Trump’s initial term, the agency gained a reputation for advocating innovation. As early as 2017, this was evident when they gave their approval to Bitcoin (BTC) options.
Gensler leaves his SEC legacy
During his term as SEC chairman, Gensler’s leadership style is known for a proactive “enforcement-based regulation” strategy, which some sectors, such as cryptocurrency, have criticized for hindering development and fostering creativity.
On January 20, 2025, Gensler is scheduled to leave office, marking a substantial shift away from his policies which were often marked by numerous lawsuits and minimal practical advice for cryptocurrency businesses.
Following Trump’s pledge to dismiss Gensler and appoint a pro-cryptocurrency leader at the SEC, 18 U.S. states have initiated a lawsuit against the regulatory body and its commissioners, alleging “discriminatory treatment” towards the cryptocurrency sector.
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2024-11-27 14:59