Trump Names Pro-Crypto Paul Atkins as New SEC Chair

President-elect Donald Trump has appointed Paul Atkins, a pro-cryptocurrency advocate, to lead the Securities and Exchange Commission (SEC). 

Atkins previously served as an SEC commissioner from 2002 to 2008 under President George W. Bush. 

Paul Atkins Will Replace Gary Gensler in January 

According to Trump’s statement on Truth Social, Atkins is set to replace Gary Gensler on January 20. Gensler announced his resignation last month, anticipating that Trump would fire him, as he promised during the election campaign. 

Atkins’ selection signals a significant shift in the SEC’s approach to financial regulation. Known for his conservative stance, he is likely to push for reducing regulatory burdens and imposing lighter penalties on violations.

“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. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” Trump wrote on Truth Social.

His tenure could mark a departure from the stricter enforcement policies of his predecessor.

The cryptocurrency market has shown strong reactions to this announcement. The Reserve Rights (RSR) token witnessed an even more dramatic response, with its value soaring by nearly 30%. 

This is because Atkins previously served as an advisor to the RSR project, adding to the market’s optimism about his leadership at the SEC. 

“Trump not only promised a libertarian in his administration but to ensure crypto is protected. He’s following through on that promise now,” political journalist Eric Daugherty wrote on X. 

Meanwhile,  XRP experienced a 3% surge following the news. Atkins has been vocal in criticizing the SEC’s legal battle against Ripple and its XRP token. He previously highlighted alleged inconsistencies in the case and suggested that Gensler might have withdrawn the lawsuit under different circumstances.