President-elect Donald Trump has chosen Paul Atkins, known for his positive stance towards cryptocurrency, to be the successor of Gary Gensler as the new head of the United States Securities and Exchange Commission (SEC).
In a December 4 announcement, Donald Trump lauded Atkins’ history and professional experience as a former SEC commissioner. Atkins has established himself as a reputable figure in risk management consultancy as the founder and CEO of Patomak Global Partners. Since 2017, he has been engaging actively in the digital asset industry as Co-Chairman of the Digital Chamber’s Token Alliance.
Trump’s decision to follow through on his campaign promise to nominate a pro-crypto SEC commissioner is highly encouraging to the crypto fraternity. This decision was a notable part of his speech at the Bitcoin 2024 conference in Nashville, Tennessee.
As Gensler’s tenure came to a noted end with his resignation on November 21, following his staunch anti-crypto stance, the crypto industry started to rally. As he steps down from his role on January 20, financial experts anticipate a continued upsurge in altcoin.
In the wake of Gensler’s resignation, numerous applications for Solana’s exchange-traded fund (ETF) were submitted to the SEC by Bitwise, VanEck, 21Shares and Canary Capital. After the introduction of new SEC leadership, Katrina Paglia, Chief Legal Officer of Pantera, forecasts a significant reduction in the SEC’s lawsuits against cryptocurrency firms and blockchain projects.
The Blockchain Association reports that due to Gensler’s strict approach towards the crypto industry, the cost to crypto firms has amounted to an estimated $426 million in legal expenses. From 2021 to 2023, a total of 104 lawsuits were filed by the SEC against industry firms, despite numerous entreaties from industry executives for clear cryptocurrency regulation.