President-elect Donald Trump appointed Paul Atkins, a former Securities and Exchange Commission (SEC) commissioner with a strong pro-crypto stance, to lead the agency. Atkins, known for advocating for clearer and more consistent oversight, is seen as a figure poised to steer the agency toward less restrictive policies, especially for digital assets.
The crypto community has welcomed Atkins' placement, describing it as a win for the digital asset sector, which has been pushing for clear regulations. On social media X, top executives from major crypto companies and even politicians expressed their delight at having Atkins at the helm of the commission. The nomination is now awaiting the approval of the Senate.
Ripple Labs CEO's Remarks
Brad Garlinghouse, the CEO of Ripple Labs, a cryptocurrency that has long been at loggerheads with the commission, welcomed the appointment, saying it brings common sense back to the agency. Garlinghouse has long been a critic of the commission for adopting stringent regulations for digital assets.
An outstanding choice – Paul Atkins at the helm of the SEC will bring common sense back to the agency. Along with Hester Peirce and Mark Uyeda, it’s time to swiftly and definitively end the prohibition era on crypto, restoring freedom of choice, economic growth, and innovation. https://t.co/w8Rqrnubyj
— Brad Garlinghouse (@bgarlinghouse) December 4, 2024
Atkins brings a wealth of experience to the role of SEC Chairman. He previously served as a commissioner under President George W. Bush for six years. Known for his focus on regulatory transparency, Atkins once criticized the SEC's enforcement activities. He advocated for policies that balance investor protection with market innovation.
Gemini Applauds
Cameron Winklevoss, another top industry executive whose crypto exchange Gemini has also been a target of tough crypto regulation, also approved Atkins' selection. He described it as a great choice. Early last year, the SEC charged Gemini and Genesis for reportedly offering crypto lending products under Gemini Earn, which the regulator alleged to be unregistered securities.
Paul Atkins is a great choice as next Chair of the SEC. The SEC is in dire need of a reset. Instead of protecting investors and fostering innovation, it "protected" investors from the likes of bitcoin ETFs and stifled innovation. Atkins will usher in common sense and a do no harm…
— Cameron Winklevoss (@cameron) December 4, 2024
Senator Cynthia Lummis Approves
The situation is no different in the political arena. Republican US Senator from Wyoming Cynthia Lummis, a passionate Bitcoin enthusiast who once took it upon herself to educate politicians about crypto also described the return of Atkins to the commission as the Chair as a huge win for innovation.
Paul Atkins' nomination as SEC Chair is a huge win for financial innovation. President Trump promised to have the most pro-digital asset admin in U.S. history, and I am looking forward to working with both of them to promote innovation and make our economy strong again
— Senator Cynthia Lummis (@SenLummis) December 4, 2024
In 2021, Lummis disclosed that she had bought Bitcoin worth up to $100,000. Interestingly, she once told the press that she bought Bitcoin in 2013 for $330 per coin. The figure starkly contrasts the current value of the top cryptocurrency, which is nearly $100,000.
“I would like to see cryptocurrency, like Bitcoin, become part of a diversified asset allocation that is used in retirement funds and other opportunities for people to save for the future,” Lummis said then.
Positive reactions were also reflected in the prices of cryptocurrencies. Bitcoin reversed some of its losses and surged nearly 3% in the daily chart, making another attempt to flip the $100,000 mark. Similarly, Ethereum surged 6% and 5% on the daily and weekly price charts, according to the data from CoinMarketCap.
This article was written by Jared Kirui at www.financemagnates.com.
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