Will Paul Atkins be a Better Fit for the U.S. SEC Chair?

President-elect Donald Trump has sparked controversy by announcing his intention to reveal the next SEC Chair. Amid speculations in the community, Trump’s possible pick, Paul Atkins, reportedly holds a stronger position. According to sources on Tuesday, Trump will announce the U.S. SEC Chair on Wednesday. The elected person would be replacing Gary Gensler in 2025 after Trump assumes office. 

Notably, Paul Atkins is an ex-member of the Securities and Exchange Commission (SEC) and is a well-known figure in the financial sector. A pro-crypto candidate, Atkins had criticized the iron-fist approach of Gary Gensler on the crypto community. Atkins emphasized that innovations in the digital asset industry would enhance the financial sector. If appointed, Atkins would provide a balanced and transparent approach to crypto assets. The other candidates who are vying for the position include Teresa Goody Guillén, Mark Uyeda, and Christopher (Chris) Giancarlo.  

Gary Gensler, the current SEC Chair, gave the pink slip following severe criticism from the crypto community. Appointed in 2021 under Joseph (Joe) Biden’s administration, Gensler induced a strong hold on the regulatory guidelines for the digital assets industry. Despite handling several high-risk enforcement cases, Gensler’s approach to crypto disturbed investors. 

One of the notable cases in Gensler’s period would be the lawsuits between the SEC and Ripple Labs. Even though the U.S. Court stated that Ripple’s XRP was not a security, the regulatory body persisted in its attempts to secure its identity. Trump, who had recently lent his support to the crypto industry, strongly criticized Gensler’s actions and declared to bring a change after becoming the President.

In one of his election campaigns, Trump had openly stated that he would ‘fire’ Gensler on the first day after becoming President. Ironically, Gensler had announced his stepping down from his position as SEC Chair on the same day as Trump’s inauguration as President. Following this move, the crypto community stated that Trump had fulfilled one of his promises, even before taking charge. 

With these developments, the market sentiment changed drastically, witnessing a surge in cryptocurrencies. The Bitcoin rally, which saw a surge during Trump’s campaign, slowly gained traction and reached the brink of $100K before facing a steep fall. The coin has regained its footing and is now pushing towards $100K.