Crypto Bros Are Salivating at Trump’s Pick for SEC Chairman
Crypto bros rejoice: Trump has selected Paul Atkins to head the Securities and Exchange Commission.
“Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World,” President-elect Trump wrote on Truth Social Wednesday. “He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
That “digital assets” part of Trump’s statement is particularly important. Atkins has been a staunch advocate of the cryptocurrency market, even criticizing current SEC Chair Gary Gensler for having too many restrictions on what he thinks is a market that the United States should be dominating instead of regulating.
Trump changed his tune on crypto very recently. Once referring to the currency as a “scam” and a “disaster waiting to happen,” Trump has more recently vowed to make this country the “crypto capital of the planet.” This switch pleased the crypto industry and led to a surge in the market. Trump’s selection of Atkins will make the market even happier.
“Paul Atkins at the helm of the SEC will bring common sense back to the agency,” Ripple CEO Brad Garlinghouse wrote on X in reaction to the nomination. “It’s time to swiftly and definitively end the prohibition era on crypto, restoring freedom of choice, economic growth, and innovation.”
“Paul Atkins’ nomination as SEC Chair is a huge win for financial innovation,” pro-crypto Republican Senator Cynthia Lummis also wrote on X. “President Trump promised to have the most pro-digital asset admin in U.S. history, and I am looking forward to working with both of them to promote innovation and make our economy strong again.”
Atkins, who served as an SEC commissioner from 2002 to 2008, is also notoriously anti-union, has spoken in favor of “stand your ground” laws, and has been very critical of social activism more broadly.
