President-elect Donald Trump has announced the nomination of Paul Atkins, a known advocate for cryptocurrency, as the next chair of the US Securities and Exchange Commission (SEC).
Atkins will succeed Gary Gensler, who is set to resign on 20 January, coinciding with Trump's inauguration.
In a post on Truth Social, Trump praised Atkins as a "proven leader" with a commitment to "common-sense regulations."
He highlighted Atkins' understanding of digital assets, calling them vital to America's progress and innovation.
Atkin's nomination has generated optimism in the crypto community, as his record reflects strong ties to the industry.
A former speaker at the Cardano Summit and an advisor to the Reserve Rights (RSR) project during its early days, Atkins brings firsthand knowledge of blockchain and digital assets.
His six-year tenure as an SEC commissioner under President George W. Bush further underscores his regulatory expertise.
Currently serving as CEO of Patomak Global Partners, a financial services consultancy, Atkins is seen as a crypto-friendly successor to Gensler.
After weeks of speculation about the future direction of the SEC, Atkin's nomination signals a potential shift toward a more balanced and supportive regulatory environment for the cryptocurrency sector.
The nomination of Atkins as SEC Chair has sparked widespread approval across the crypto and political landscape.
Pro-XRP attorney John Deaton, who previously endorsed Atkins for the role, expressed his support, while noting four crucial things he is looking at from the new chair on Day one.
Bloomberg analyst James Seyffart called the nomination "big" following initial rumours of Trump's decision.
Political journalist Eric Daugherty also weighed in, reflecting the broad interest in this pivotal appointment.
Reports from Politico and Unchained, which surfaced before the official announcement, highlighted that Atkins would require Senate confirmation, although President Trump could alternatively pursue a recess appointment if the Senate is not in session.
Former CFTC Chairman Chris Giancarlo, known as "Crypto Dad" for his pro-bitcoin stance, noted that Atkins might face the challenge of cleaning up lingering regulatory issues from the Gensler era, joking on X (formerly known as Twitter) about refusing to tackle another "Gensler mess.”
Greg Xethalis, general counsel at Multicoin Capital, predicted a smooth confirmation process for Atkins, citing his earlier tenure at the SEC beginning in 2002.
Ripple CEO Brad Garlinghouse praised the nomination, calling Atkins "an outstanding choice" who would bring practical, balanced oversight to the agency.
US Senator Cynthia Lummis, a staunch advocate for digital assets, echoed Garlinghouse's sentiment, describing Atkins' appointment as a "huge win for financial innovation.”
Lummis reaffirmed Trump's commitment to building the most pro-crypto administration in US history and expressed eagerness to work with Atkins to advance the nation's leadership in blockchain and digital asset innovation.
The cryptocurrency market has reacted strongly to the announcement of Atkins as the next SEC Chair, with notable surges in token values.
Reserve Rights (RSR) experienced an impressive 30% rally, fuelled by Atkins’ previous advisory role with the project, which heightened market optimism about his crypto-friendly approach.
However, RSR has since retracted and is currently down 11.67% over the last 24 hours, according to CoinMarketCap.
Similarly, XRP saw a 3% uptick following the news, reflecting confidence in Atkins' stance on the SEC's contentious legal battle against Ripple.
Atkins has openly criticised the lawsuit, pointing out inconsistencies and suggesting that, under different leadership, the case might have been dropped.
As of now, XRP has also seen a downward correction, with a decline of 12.67% in the past 24 hours, according to CoinMarketCap.
The incoming administration's emphasis on regulatory relief is poised to create a more favourable landscape for Bitcoin and other digital assets, which have experienced a surge in value since Trump's election on 5 November.
The nomination of Atkins signals a potential transformation in the SEC's regulatory approach.
Known for his conservative views, Atkins is expected to advocate for reducing compliance burdens and adopting a less punitive stance on enforcement.
This could mark a stark contrast to the stricter policies of his predecessor.
Atkins has yet to confirm his acceptance of the nomination.
Attention now turns to the Commodity Futures Trading Commission (CFTC), as sources suggest the Trump administration may empower the agency to take on a more significant role in regulating certain crypto assets.
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