As a seasoned analyst with over two decades of experience navigating the ever-evolving financial landscape, I find myself cautiously optimistic about President-elect Trump’s pick for the next SEC chair, Paul Atkins. Having served as an SEC commissioner during the pre-cryptocurrency era, Atkins brings a unique perspective to the table, one that could be instrumental in fostering understanding and growth within the digital asset sector.
U.S.-based top executives from notable cryptocurrency firms have generally responded favorably to President-elect Donald Trump’s selection for the upcoming SEC chair.
In a December 5th interview with Bloomberg, Katherine Dowling, general counsel of Bitwise Asset Management, expressed that Paul Atkins was an “excellent selection” to head the regulatory authority.
She suggested that he might display a more cooperative attitude towards members of Congress compared to Gary Gensler, the present SEC chairman who is set to step down on January 20th.
Dowling expressed enthusiasm for finding an individual who can jump right into the role, collaborate effectively with other commissioners, engage in productive conversations with both the Commodity Futures Trading Commission and lawmakers, and ultimately help us advance issues such as the stablecoin bill and market structure during the upcoming Congress. In essence, he’s hoping for someone who can bring immediate impact and clarity.
Previously serving as an SEC commissioner during President George W. Bush’s term from 2002 to 2008, Atkins was a regulator prior to the emergence of cryptocurrencies. If Trump decides to nominate him, Atkins would still require approval by the US Senate lawmakers in 2025, as Republicans will only have a narrow majority then.
Coinbase and Ripple weigh in on Atkins pick
It’s not just Dowling who has commended the prospective SEC chair; numerous cryptocurrency users and corporate leaders have been vocal about their criticism towards Gensler. For a long time, they’ve argued that instead of establishing clear guidelines for the industry, he has been implementing regulations primarily through enforcement actions rather than explicit roadmaps.
In a December 4th blog post, Ripple Labs CEO Brad Garlinghouse stated that having Paul Atkins leading the SEC would restore a more practical approach to the agency.
Back in December 2020, the Securities and Exchange Commission (SEC) targeted Ripple by filing a lawsuit. The claim was that Ripple had utilized the XRP token as an unregistered form of investment, with the purpose being to amass funds.
In August, a court ruled that Ripple owes $125 million, however, the Securities and Exchange Commission (SEC) has filed an appeal against this decision. The future of the case remains uncertain as we await the appointment of a new chair at the SEC.
Paul Grewal, Coinbase’s chief legal officer, praised Trump’s selection of Atkins, stating that it was “long overdue.” Given that Coinbase is embroiled in a lawsuit with the SEC, filed in June 2023 over unregistered securities, such expertise is indeed necessary.
As the CEO of Patomak Global Partners and an advisor for the Digital Chamber, a group promoting blockchain technology, Gary Gensler has had interactions with various players within the cryptocurrency sector. However, it remains uncertain how his approach towards digital assets may change as the Chair of the Securities and Exchange Commission (SEC). In a February 2023 interview, he hinted at the possibility that the SEC could become more welcoming to crypto companies, with the aim of fostering growth in the US cryptocurrency industry.
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2024-12-06 01:00