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On the day Republican leader Donald Trump, with a pro-crypto position, was named as the winner of the US presidential election, it became almost certain that crypto skeptic Gary Gensler would lose his job as the chair of the US Securities and Exchange Commission. Yesterday, as expected, the president-elect announced his plan to appoint renowned cryptocurrency advocate Paul Atkins as the next chair of the commission. Can Atkins save the crypto industry?
A recent X post by pro-XRP lawyer John Deaton indicates that the expectation among crypto enthusiasts over the new chair is extremely high.
John Deaton’s Key Reforms for SEC
Deaton pointed out the urgent need to bring in certain important reformations in the agency. He demanded the removal of all the officials who supported Gensler’s regulatory crackdown against the crypto industry.
He presented it as a necessary step to prove that he is the appropriate replacement to Gensler. Explaining the importance of revamping the entire top leadership of the SEC, he advised Atkins to appoint those who can foster a balanced regulatory environment that supports innovation while protecting investors.
Questioning the relevance of a separate crypto unit, he demanded Atkins to replace the crypto unit with a general fraud unit, which handles all types of fraud. He even wanted the next chair to make clear that DeFi and self-custody should not fall under the jurisdiction of the SEC.
If Paul Atkins doesn’t fire, or at least demote, certain individuals and completely dismantle – that is, do away with – the crypto unit, he’s not the right pick. Period!
— John E Deaton (@JohnEDeaton1) December 4, 2024
There’s NO NEED to have a separate crypto unit at the SEC. Have a general fraud unit that goes after all… https://t.co/34uhp2Ha8x
Interestingly, many, including Ripple CEO Brad Garlinghouse, echoed Deaton’s demands, seeking a sensible regulatory approach towards the crypto industry – which has suffered a lot during Gensler’s insensible crackdowns.
SEC’s Misconduct in the Debt Box Case
Earlier this year, a federal judge sanctioned the US SEC for power abuse, as he found that the agency acted illegally in its attempt to secure a restraining order against Debt Box, a Utah-based crypto company. At least two attorneys, Michael Welsh and Joseph Watkins, had to step down from their posts in the SEC as a consequence of this legal outcome.
However, in the X post, Deaton strongly demanded the dismissal of all the officials involved in the Debt Box fiasco on the first day of Atkins as the SEC chair.
In conclusion, the SEC stands at a crossroads with Paul Atkins as Chair. Will Deaton’s reform roadmap shape a new era for crypto regulation? Only time will tell, but the entire crypto community is impatiently watching!