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President-elect Trump has selected crypto supporter Paul Atkins to lead the SEC. This move is part of Trump’s broader goal to create a more crypto-friendly environment, a message that has been well received by the digital currency community.
Atkins’ nomination is seen as a strategic choice to replace Gary Gensler, the current SEC chair, who has faced criticism for his strict regulations on the $3.5 trillion crypto market. Trump, a vocal supporter of crypto, expressed his excitement for Atkins’ nomination on his Truth Social platform, calling him a leader who supports common-sense regulations and understands the importance of digital assets in the country’s economy.
“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,” Trump said as he made the big announcement.
Atkins, a former SEC commissioner, currently serves on the advisory board of digital securities platform Securitize. Notably, Securitize is a company Ripple invested in back in 2018, and its CEO recently spoke at Ripple’s Swell 2024 event.
Carlos Domingo, the founder and CEO of Securitize told Yahoo Finance, “He’s (Paul) certainly a person that is known for streamlining regulation and being very pro digital assets, and very knowledgeable in the industry. There’s this big debate about whether certain digital assets are commodities or securities.”
Legal Expert Calls For Quick Actions
However, Pro-XRP lawyer John Deaton said that if Paul Atkins doesn’t fire or demote certain individuals and completely dismantle the SEC’s crypto unit, he’s not the right choice for the job. According to Deaton, there is no need for a separate crypto unit at the SEC; a general fraud unit should handle all fraud cases.