Policy & Regulation

Here’s What The New SEC Chair and Ripple Have in Common

Published

1 year ago

December 6, 2024

President-elect Trump has chosen crypto supporter Paul Atkins to steer the SEC. This transfer is a part of Trump’s broader objective to create a extra crypto-friendly atmosphere, a message that has been effectively obtained by the digital forex neighborhood.

Atkins’ nomination is seen as a strategic selection to switch Gary Gensler, the present chairman of the SEC, who has confronted criticism for his strict regulation of the $3.5 trillion crypto market. Trump, an outspoken supporter of crypto, expressed his pleasure over Atkins’ nomination on his Reality Social platform, calling him a frontrunner who helps commonsense rules and understands the significance of digital property within the nation’s financial system.

“Paul is a confirmed chief in commonsense rules. He believes within the promise of sturdy, revolutionary capital markets that reply to investor wants and supply capital to make our financial system the most effective on the planet. He additionally acknowledges that digital property and different improvements are essential to creating America better than ever earlier than,” Trump stated as he made the massive announcement.

Atkins, a former SEC commissioner, at present serves on the advisory board of digital securities platform Securitize. Notably, Securitize is an organization Ripple invested in in 2018, and its CEO just lately spoke at Ripple’s Swell 2024 occasion.

Carlos Domingo, the founder and CEO of Securitize, advised Yahoo Finance: “He (Paul) is definitely an individual recognized for streamlining rules and his very skilled digital property, and really educated within the business. There’s a huge debate about whether or not sure digital property are commodities or securities.”

READ SEC Chair Paul Atkins Pushes to Formalize ‘Innovation Exemption’ by End of 2025

Authorized knowledgeable requires fast motion

Nevertheless, pro-XRP legal professional John Deaton stated that if Paul Atkins doesn’t fireplace or demote sure people and utterly dismantle the SEC’s crypto unit, he isn’t the appropriate selection for the job. In accordance with Deaton, there isn’t any want for a separate crypto unit on the SEC; a common fraud unit should deal with all fraud instances.