President-elect Donald Trump has chosen Paul Atkins to lead the U.S. Securities and Exchange Commission (SEC). Atkins, who has deep ties to conservative financial circles in Washington, will replace outgoing Chair Gary Gensler, who plans to leave on January 20. This shift raises questions about the future of the crypto markets.
Atkins, known for his pro-crypto stance, is expected to be a strong advocate for the industry. He has previously worked with the Digital Chamber of Commerce and has experience in the crypto space. Under his leadership, crypto companies like Coinbase and Ripple may see a less aggressive regulatory approach compared to Gensler’s tenure, as Atkins is likely to focus on creating clear rules for the industry rather than enforcing harsh actions.
Gensler recently said that his main goal was to protect investors by ensuring that crypto companies follow the rules and that people can make informed decisions. He pointed out that while less than 10% of Americans invest in crypto, most don’t fully understand the risks.
In an interview with Bloomberg, Gensler opened up about his meeting with Atkins and said, “Paul and I did catch up. He knows this agency, he has worked this agency and he was a commissioner for six years.” Gensler said that he shared with Atkins an advice given to him by colleague.
The advice was, “Remember every single day, the job is one day closer to when you join the formers club. Every day is such a privilege, use it well, use it on behalf of the American public and so that was my main advice to Paul.” (Sic)
Gensler said that SEC remains committed to holding bad actors accountable, but the market’s future, particularly for smaller tokens, remains uncertain. Whether Atkins’ appointment will stifle innovation or lead to a more stable ecosystem remains a hot topic for the industry.
