Bitcoin hits $100K after Trump picks pro-crypto SEC head!
the staff of the Ridgewood blog
Ridgewood NJ, President-elect Donald Trump has named former Securities and Exchange Commissioner (SEC) Paul Atkins as his pick to succeed Gary Gensler as the agency’s chair. The announcement comes as Gensler prepares to step down on Inauguration Day, making way for a leadership change that could reshape the regulatory landscape for digital assets and capital markets.
A “Proven Leader” for Common-Sense Regulations
Trump announced the nomination on Truth Social, describing Atkins as a champion for balanced regulation and innovation in financial markets.
“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 and that provide capital to make our economy the best in the world,” Trump wrote.
In addition to his regulatory expertise, Atkins’ support for cryptocurrencies and blockchain technology has drawn significant attention. Trump highlighted this aspect in his post, noting Atkins’ recognition of digital assets as essential for the nation’s economic future.
“He also recognizes that digital assets and other innovations are crucial to making America greater than ever before,” Trump added.
A Shift in Crypto Policy
Atkins’ nomination signals a stark departure from the hardline stance taken by outgoing chair Gary Gensler, who was known for his aggressive regulatory approach toward the crypto industry. Trump has openly embraced digital assets during his campaign, vowing to make the U.S. the “crypto capital of the planet.”
Atkins, currently the CEO and founder of financial consultancy Patomak Global Partners, also co-chairs the Digital Chamber’s Token Alliance, a group focused on advancing blockchain technology and digital assets.
Crypto Industry and Lawmakers React
The crypto community welcomed the nomination as a much-needed opportunity to reset U.S. policy on digital assets. Kristin Smith, CEO of the Blockchain Association, lauded Atkins as an “excellent choice” to lead the SEC.
“The past four years under Chair Gensler were a non-stop anti-crypto crusade, leading to an innovation stalemate and incalculable job, talent, and economic losses,” Smith said.
She added that Atkins brings a fresh perspective and a deep understanding of the digital asset ecosystem, promising a new wave of American innovation in the sector.
Outgoing House Financial Services Chairman Patrick McHenry (R-N.C.) echoed these sentiments, emphasizing the importance of clarity and leadership for the digital assets industry.
“Paul Atkins has the expertise and experience needed to restore faith in the SEC,” McHenry wrote on X. “I’m confident his leadership will lead to clarity for the digital asset ecosystem and ensure U.S. capital markets remain the envy of the world.”
Market Optimism in the Wake of the Announcement
The crypto market has responded positively to Trump’s election victory and the anticipated regulatory shift. Bitcoin, in particular, has surged to nearly $96,000, approaching the $100,000 milestone amid expectations of a more favorable environment for digital assets under the incoming administration.
Looking Ahead
As Atkins prepares to step into his role as SEC chair, all eyes will be on how his leadership shapes the future of cryptocurrency regulation and capital market innovation. With widespread support from the crypto community and lawmakers alike, his tenure could mark the beginning of a new era for American financial markets.
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