President-elect Trump nominates cryptocurrency advocate Paul Atkins as next SEC chairman; Bitcoin hits $100,000 mark for first time
Donald Trump, who was elected in the 2024 presidential election on a platform of promising that 'all remaining Bitcoin will be American-made,' announced that he would nominate former SEC Commissioner Paul Atkins as the next chairman of the Securities and Exchange Commission (SEC). With Atkins, CEO of a cryptocurrency company and well-known advocate of cryptocurrency, taking over as head of the regulatory agency, it is expected that deregulation and the liberalization of the cryptocurrency market will gain momentum, and in response, Bitcoin has reached a new record high.
Trump plans to nominate Paul Atkins as SEC Chair in crypto-friendly move
In a post on the social media site Truth Social, Trump announced that he had nominated Paul Atkins to be the next Chairman of the Securities and Exchange Commission (SEC).
Atkins served as a commissioner of the SEC from 2002 to 2008 under the George W. Bush administration, and is currently CEO of Patomak Global Partners, a cryptocurrency-related consulting firm. Since 2017, he has also served as co-chair of the Token Alliance, an initiative of the Chamber of Digital Commerce, a lobbying group for the cryptocurrency industry.
In his announcement, Trump said of Atkins, 'Paul has a proven track record as a leader who promotes common sense regulation. He believes in the future of strong, innovative capital markets that serve investors' needs and make our economy the best in the world through capital. He also understands that digital assets and other innovations are essential to making America greater than it's ever been.'
If Atkins' nomination is approved by Congress, he would lead the SEC, replacing current Chairman Gary Gensler, who is known for being an advocate of cryptocurrency regulation.
During the election campaign, Trump declared that he would fire Chairman Gensler, and Gensler had expressed his intention to resign in November 2024 prior to the announcement of his nomination.
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His successor, Atkins, has been a vocal supporter of cryptocurrencies but has also criticized the Dodd-Frank Act , a regulatory law enacted in the wake of the 2008 global financial crisis, for placing too much of a burden on the banking industry.
The announcement of Atkins' appointment has boosted the bitcoin market, with the price of bitcoin surpassing $100,000 for the first time.
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