Donald Trump Appoints Former SEC Commissioner Paul Atkins To Lead Agency
President-elect Donald Trump posted on Truth Social that he had appointed former Securities and Exchange Commissioner Paul Atkins to lead the agency.
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Atkins is renowned for his pro-business views and was a commissioner of the SEC from 2002 to 2008. Today, he serves as the chief executive officer of Patomak Global Partners, a consulting firm with clients in the cryptocurrency and financial sectors.
In addition, Atkins is a well-known supporter of crypto assets and, if confirmed by the Senate, could contribute to a sector that Trump has actively pursued. Trump stated, “Paul is a proven leader for common sense regulations.”. He is a firm believer in the potential of strong, creative capital markets that can adapt to investors’ demand and supply funds to make our economy the best in the world.’
‘To make America better he also understands how important digital assets and other innovations are. “Trump also appointed Cantor Fitzgerald CEO Howard Lutnik and hedge fund manager Scott Bessent to lead the departments of Commerce and Treasury, respectively, forming the most pro-crypto cabinet to date.
Critics of the crypto industry are concerned about Trump’s backing of the industry.
Cryptocurrencies have a history of extreme volatility, and scams and frauds have plagued the industry. It is also thought that the currencies are frequently used for illicit purposes, like funding terrorism and the drug trade. There have also been amazing implosions in the industry.
The largest cryptocurrency exchange in the world, FTX, went bankrupt in 2022. Sam Bankman-Fried, the company’s founder and CEO, was found guilty of fraud after embezzling billions of dollars from clients. Later, Bankman-Fried received a 25-year prison term.
A Republican Congress could help the industry in addition to the appointment of a crypto-friendly SEC head. With slim majorities, the GOP is expected to hold both the House and the Senate.
The millions of dollars the industry spent to help defeat lawmakers perceived as crypto skeptics, such as Democratic Ohio Senator Sherrod Brown, the current Chair of the Senate Banking Committee, who lost his reelection bid in November, helped shape the composition of the incoming Congress.
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