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President-elect Donald Trump has chosen Paul Atkins, a pro-crypto figure, to chair the Securities and Exchange Commission (SEC), according to reports by Unchained. Current SEC Chair Gary Gensler announced he will step down on January 20 when Trump is inaugurated. Atkins, who served as an SEC commissioner under President George W. Bush, is well-respected in conservative legal circles and among the Republican establishment.
One major case before the federal courts is the ongoing Ripple (XRP) lawsuit, in which the SEC claims Ripple violated securities laws by issuing XRP. In July 2023, Judge Analisa Torres ruled that XRP was not a security when sold to retail investors on exchanges but was a security in institutional sales.
The SEC initially sought a $2 billion fine against Ripple but was instead given a $125 million penalty. In October 2024, Judge Torres rejected the SEC’s request to appeal, saying they didn’t have strong enough reasons. Despite this, the SEC appealed to the Second Circuit Court, arguing the decision went against Supreme Court rulings.
‘Paul Atkins is not what Trump Needs’
John Deaton recently explained that Paul Atkins would be a very traditional choice, one that Wall Street would likely approve of. He stated that Atkins is someone who respects the SEC and its staff, but what is truly needed is someone who challenges the SEC’s actions.
Deaton believes the SEC has harmed investors, rather than protecting them, and that a change in attitude is necessary. While Deaton would support Atkins if chosen, he feels he’s not the right fit if President Trump aims to bring change to crypto regulation.
Trump picks former SEC head Paul Atkins to chair his SEC.
— Jeremy Hogan (@attorneyjeremy1) December 3, 2024
Pros:
He has advocated for reasonable (and workable) regulation in the digital asset space – especially with the exchanges.
He's a steady hand who was SEC chair for 8 years. It will be hard for the Dems to attack him.… https://t.co/3RgVq0PxRL
Attorney Jeremy Hogan mentioned the cons of Atkins’ appointment and wrote, “He won’t be the bull in the china shop many in the crypto space want. He will make measured and deliberate changes. Overall, I give his appointment a B+ for the digital asset industry, and that was good enough to get me a law degree so, yeah!”