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FOX NewsNov 07, 2024
Trump Taps Crypto-Friendly Atkins to Lead SEC
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Above: SEC Commissioner Paul Atkins (L) and Commission Chairman Christopher Cox (R) talk during a House Financial Services Committee hearing on Capitol Hill on June 26, 2007, in Washington, D.C. Image copyright: Mark Wilson/Staff/Getty Images News via Getty Images
The Facts
In a post on Truth Social on Wednesday, US Pres.-elect Donald Trump announced his nomination of Paul Atkins, a former SEC commissioner under George W. Bush, to lead the Securities and Exchange Commission as chairman under his incoming administration.
Atkins, 66, currently serves as CEO of Patomak Global Partners, a financial consulting firm with cryptocurrency clients, and co-chairs the Digital Chamber's Token Alliance, which advocates for the cryptocurrency industry.
The nomination marks a significant shift from current SEC Chair Gary Gensler's approach, who pursued aggressive enforcement actions against cryptocurrency companies, and will step down in January.
The Spin
Republican narrative
With this nomination, Donald Trump has delivered on his promise to boost the crypto industry. Known for his libertarian stance and crypto advocacy, Atkins has supported clearer regulations and advised digital finance companies for well over a decade. His appointment signals a shift from Gary Gensler’s debilitating enforcement approach to fostering innovation. Under his leadership, the US will become a global leader in crypto.
Democratic narrative
The nation should approach Trump’s economic policies and appointees with extreme caution. His tariffs are set to drive inflation, his deregulatory agenda offers only short-term gains, and his crypto policies, driven by his friends in the industry, seem designed to favor insiders over the broader market. The contradictions in his cabinet choices make these plans appear far from secure.
