Following the resignation of Gary Gensler, President-elect Donald Trump has announced his new appointment as the new US Securities and Exchange Commission (SEC) Chairman. With the crypto market anticipating who could lead the agency into the next presidential administration, Trump has decided to choose Paul Atkins for the position.
“I am delighted to announce the nomination of Paul Atkins to be the next Chairman of the Securities & Exchange Commission,” Trump wrote on Truth Social. “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.”
Following Trump’s victory in the 2024 presidential election, the cryptocurrency sector was set to be one of the greatest affected. Specifically, the SEC was to undergo a massive shift with the new administration poised to be increasingly pro-crypto. Now, Atkins’ appointment begins that long-awaited shift.
Also Read: New SEC Chair Likely to Bring About Major Regulation Changes
Trump Appoints Paul Atkins as New SEC Chair
This has been a critical year for digital assets. Although two crypto-based ETFs had already been approved, the industry took a giant leap forward with Donald Trump’s 2024 election win. Indeed, his impending return to the White House propelled Bitcoin to a $99,000 all-time high.
A large reason for the euphoric response is the expectation of favorable regulation in the near future. The last several years have seen government agencies in the US greatly challenge the crypto sector. With lawsuits abounding, there was no shortage of opposition to growth for these projects and companies.
Also Read: Bitcoin Surges $31,000 After Donald Trump Won 2024 Election
However, that is expected to change massively now. Indeed, Donald Trump has announced his new appointment as the new SEC Chairman. Specifically, Paul Atkins is set to take up the seat from the recently resigned Gary Gensler. The incoming pro-crypto chair was interviewed by the Trump administration in late November, according to Bloomberg. That seems to have convinced the transition team that he was the right man for the job.
Atkins had previously served under George W. Bush. Moreover, he has been a strong advocate for cryptocurrencies, testifying to the merits of the asset class before Congress. His presence should completely shift the perspective of the agency. Additionally, Atkins’ presence could bring the country a step closer to establishing its own strategic Bitcoin reserve.
