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Deng Tong, Bitchain Vision; Source: Bitchain Vision, Fox, CoinTelegraph, Twitter, Coingecko
1. Preface
Trump chose Paul Atkins, a digital asset advocate and senior financial regulator, to serve as chairman of the Securities and Exchange Commission (SEC).Current SEC Chairman Gary Gensler is scheduled to step down on January 20.After the news was announced, cryptocurrencies rose in the short term.Current SEC Chairman Gensler is a hardliner whose ambitious agenda has led him to clash with Wall Street and the crypto industry.Atkins believes that a robust and innovative capital market can meet the needs of investors and provide funds to push the U.S. economy to continue to lead.Additionally, Atkins believes digital assets and other innovations are crucial to keeping the United States ahead.Atkins is expected to review several rules under Gemsler’s term and court enforcement actions, take a more modest attitude towards cryptocurrencies and seek rule changes designed to promote capital formation.
for“Who is Paul Atkins, the popular SEC chairman?”There are articles about the issue of Bitlink Vision, so I will not repeat it here. You can click the link to view the specific content.
2. Multiple Identity and Encryption Concepts Pave the Way for Atkins to Become the SEC Chairman
Atkins has multiple identities: a well-known securities lawyer, a member of the Securities and Exchange Commission during the administration of former President George W. Bush, founder of financial consulting firm Patomak Global Partners, and a policy adviser during Trump’s first presidency.
Atkins, who worked at the SEC for a decade, has a deep understanding of the $100 trillion securities market under the SEC and its internal operations.During this period, he advocated more transparent and consistent formulation and implementation, as well as lower barriers to entry for financial markets.
Trump has promised to prioritize finding a candidate who can compete with current SEC Chairman Jensler.In addition to his promise to “fire” Jensler on the first day and make the United States a “global cryptocurrency capital”, Trump also promised to appoint a chairman who “will build the future rather than hinder the future.”
Therefore, with the dual support of Atkins’ excellent career resume and encryption attitude that coincides with Trump, it paved the way for him to eventually become the SEC chairman.
Trump made the announcement on Wednesday at Truth Social, noting that Atkins is a “tested leader in common sense regulation.”Atkins had met with Trump on Monday.
Trump has high expectations for Atkins:“He believes in the prospect of a strong, innovative capital market that can respond to investors’ needs and provide capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are the ones that can be used to respond to investors’ needs and provide capital to make our economy the best in the world.It is crucial to make America greater than ever.”
Atkins has publicly stated thatIt is necessary to develop best practices for digital assets and their trading platforms.He has served as co-chair of Token Alliance since 2017.Token Alliance is an industry-led initiative composed of former regulators, industry experts and lawyers to promote the mainstreaming of digital assets.He is also a member of the advisory board of Digital Chambers, a leading cryptocurrency advocacy organization based in Washington, D.C.
Atkins’ attitude towards cryptocurrencies is obviously consistent with Trump’s speech at the Bitcoin Conference.As early as the 2024 Bitcoin Conference held in Nashville in July this year, Trump publicly expressed his favor for the crypto industry and was full of confidence in the crypto industry: the crypto industry was “a steel industry 100 years ago, and it is still in its infancy.Phases, “One day, it may surpass gold”; will ensure that the United States becomes the cryptocurrency capital on earth and the world’s Bitcoin superpower; promise to maintain “national strategic Bitcoin reserves” and “never sell”Bitcoin seized by the government.
For details, please view the Bitchain Vision article“Review of Trump’s speech at Bitcoin Conference: Ensure the United States becomes a Bitcoin superpower”
From Trump’s praise of Atkins’s words and Atkins’ own attitude towards cryptocurrencies,The new SEC will abandon its crackdown on cryptocurrencies and make blockchain innovation part of its regulatory agenda.
3. SEC will shift from radical and over-politicization to fairness and order
The SEC will enter a new era as Atkins takes office.Many people believe that the Gensler term was characterized by radical, over-politicized rules setting agenda, deviating from the SEC’s Congressional mandate to provide a fair and orderly market and ensure investor protection.
One of the most controversial decrees in Gemsler is to force listed companies to adopt certain environmental and social governance guidelines, including the disclosure of their carbon footprint.Gemsler was also known for his strict enforcement policies during his tenure — especially for the $3 trillion cryptocurrency industry, with the SEC taking more than 100 enforcement actions against it.
SEC observers believe that under the Atkins ruling, Gensler’s agenda will be overturned, including climate disclosure rules currently under review by federal courts.The ruling was welcomed by progressive advocacy groups and politicians such as Sen. Elizabeth Warren, Democratic Massachusetts, but was widely criticized by business groups as costly, difficult to implement and potentially illegal becauseThe purpose of the Securities Law is not to force companies to formulate social policies, but to protect shareholders.
4. Industry insiders’ evaluation of Atkins
“Crypto Mom” and SEC Commissioner Hester PeircePosted on the X platform: “At SEC, we still have a lot of work to do to advance free markets, capital formation, investor selection and innovation. I am very happy that Paul Atkins will be back to lead this work, which I have been on his last timeI can’t think of anyone better suited for this job than him when I worked with him during my time at the institution.”
Coinbase CEO Brian ArmstrongSaid: Agree with the views of US SEC Commissioner Hester Peirce, who believes that Paul Atkins is a great candidate for the new SEC chairman.
Chris Giancarlo, who served as chairman of the Commodity Futures Trading Commission during Trump’s first term“President-elect Trump made an excellent choice in the SEC chairmanship,” said. “Atkins is known for his professional ethics and wisdom. As a former commissioner, he has a wealth of knowledge and respect for the agency. In the experienceAfter years of regulatory hostility, he will encourage technological innovation, cryptocurrencies and digital finance. I believe Atkins will regain its historic role in promoting capital formation and U.S. economic growth.”
Katrina Paglia, Chief Legal Officer of PanteraSaid: After the new SEC leadership takes office, the SEC lawsuit against cryptocurrency companies and blockchain projects will “quietly disappear.”
Cody Carbone, President of Digital Chamber of Commerce“Atkins has a unique advantage to support President-elect Trump’s vision to consolidate the United States as a global leader in digital asset innovation. Paul will not only bring experience and expertise to the committee, but also to the industryThe clarity it deserves on the first day. It’s a home run option.”
Jay Clayton, senior policy consultant at Sullivan & Cromwell, a top law firm“Atkins understands the institution, understands the market, and knows what needs to be done. I hope he can act immediately,” he said. He hopes Atkins can reform the proxy voting process, which requires consultants to disclose potential benefits when advised on investors how to vote.conflict.Clayton also believes Atkins will overturn Gensler’s climate disclosure rules.
five,Atkins colleagues
Atkins recently expressed his hope to have Republican Commissioner Hester Peirce (known as “crypto mom”) lead crypto policy with her Republican colleague Mark Uyeda.Previous reports that Peirce hopes to lead an internal crypto task force that will reassess the agency’s attitude toward digital assets and engage in open dialogue with the industry.Peirce’s term will end in June, and it’s unclear whether she hopes to be nominated for the position again.Uyeda’s term ends in 2028.
In addition to the “crypto mom” that cryptographers are familiar with, Trump’s new cabinet also has several members who are friendly to crypto.
Vice President J.D. VanceHe is a staunch crypto supporter: He has repeatedly mentioned cryptocurrencies.He said in opposition to Canadian authorities’ ban on epidemic control driver bank accounts, “This is why cryptocurrencies are booming, and if your political views are wrong, the regime will cut off your chances of accessing banking services.” In February, the SEC made a cryptocurrencyWhen mining company Debt Box launched the law enforcement action, he also raised questions.
J.D. Vance’s latest disclosure of positions shows that as of 2022, J.D. Vance owns $100,001 to $250,000 worth of Bitcoin and holds these assets through Coinbase.J.D. Vance also opened accounts with Robinhood and Charles Schwab, but did not disclose specific positions.
Finance Minister Scott Besent: “Cryptocurrencies are very consistent with the Republican spirit. Cryptocurrencies represent freedom, and the crypto economy is an irreversible trend.”
Commerce Secretary Howard Lutnik:Lutnik served at Cantor Fitzgerald and became its CEO.After being nominated by Trump for Commerce Secretary, he plans to hand over the company’s Tether business relationship to his son Brandon Lutnick.At the 2024 Bitcoin Conference, he said: Bitcoin and gold are the same.Bitcoin should be traded like gold—without exceptions worldwide.Bitcoin is the economy of the future!Lutnik once revealed that he owns hundreds of millions of dollars in Bitcoin and expects that number to reach billions soon.
There are also several other crypto-friendly people who will not list them in detail here. You can view the Bitchain Vision article“A inventory of possible cabinet members of Trump’s crypto-friendly people”
Not only are these unsuccessful cabinet members good for the crypto market, but the news that Gensler will resign has also made the crypto market more active. Many analysts believe that the bull market in the crypto market will continue until 2025.Solana ETF applications have surged since news of Gensler’s resignation, with Bitwise, VanEck, 21Shares and Canary Capital all submitted applications to the SEC.
According to the Blockchain Association, despite repeated requests from industry executives to SEC to clearly regulate cryptocurrencies, the SEC filed 104 lawsuits against industry companies between 2021 and 2023.“The era of legal warfare against our industry must end,” the Blockchain Association wrote in October 2024.
6. Summary
Affected by the positive news that Trump appointed Paul Atkins as the new SEC chairman, BTC soared since last night, and has exceeded the $100,000 mark as of press time, and is now at $103,322, an intraday increase of 8.1%.
From geek technology and financial experiments to being recognized by investors and institutions running and entering the market, cryptocurrencies have been in just 15 years.In the past 15 years, Bitcoin has been criticized countless times and died countless times, but time has witnessed the development of this new financial revolution. Starting from the story of a pizza, BTC has unimaginable legendary attributes.
