Experts are optimistic about the appointment of Paul Atkins as head of the SEC
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Johny Smith
2024/12/28
3 mins read
The crypto community was optimistic about the appointment of Paul Atkins to the position of Chairman of the Securities and Exchange Commission (SEC). The decision of the newly elected US President Donald Trump raised positive expectations among market participants who were tired of the aggressive approach of the previous head of the institution, Gary Gensler.
Atkins, who previously served as a Republican SEC commissioner, is known for his pro-digital currency stance. Since 2020, he has been on the advisory board of the Digital Chamber and actively supports ideas aimed at the development of crypto assets. Many experts believe his actions will be a stark departure from Gensler’s style, which has focused on heavy regulation and numerous lawsuits against companies.
“Gary Gensler simply destroyed the crypto industry’s relationship with the SEC,” said Kraken Vice President Marcus Hughes. He emphasized that the “regulation through coercion” approach harmed the market and hampered its development. With Atkins’ appointment, industry participants hope for constructive dialogue and compromise.
Gary Gensler will leave office on January 20, 2025, the day Trump is inaugurated. During his work, he insisted that most cryptocurrencies are securities. This required them to register with the SEC. However, issuers argued that existing rules are not tailored to digital assets.
A change in the head of the SEC could be the beginning of new legislative initiatives. Experts believe that in 2025, Congress will focus on 2 key areas – taxation of staking and regulation of stablecoins.
At the same time, broader changes await the market. Bills such as FIT21, aimed at creating a framework for the crypto segment, and individual stablecoin initiatives have already gained traction. Experts believe that legislative work will take time, but the foundations for progress have been laid in 2023 and 2024.
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