Bitcoin has finally topped the psychological barrier of $100,000 per BTC. The fuel was the selection of Paul Atkins to become the Chairman of the Securities and Exchange Commission (SEC). Bitcoin is currently trading at over $103,000.
In the past, Atkins has supported digital assets and been an Advisor to the Digital Chamber of Commerce, a crypto advocacy group. He has also advocated for Fintech in general, including online capital formation.
Outgoing SEC Chairman Gary Gensler is diametrically different from Atkins. When Gensler was appointed, he received support from certain Republican senators during the confirmation process as he was knowledgeable about blockchain and Fintech. These individuals were disappointed as Gensler emerged as a highly political appointee, aligning with the left wing of the Democrat party, moving to crush digital asset innovation while pursuing issues like climate disclosure, which is not part of the SEC’s portfolio of responsibilities. Gensler also ignored the opportunity to support the evolution to digital securities, thus missing a chance to become a transformative leader of the Commission.
Insiders welcomed the selection of Atkins to lead the nation’s top securities regulator. Current Commissioner Hester Peirce stated on X:
“We have a lot of work to do at the SEC to advance free markets, capital formation, investor choice, and innovation. I’m delighted that Paul Atkins will be returning to lead the effort. Having worked for him during his last stint at the agency, I cannot think of a better person for the job.”
Commissioner Mark Uyeda issued a statement on Atkins’s appointment:
“President Trump’s nomination of Paul Atkins bodes well for the country. He could have not made a better choice. American investors need regulators like Paul who recognize that the capital markets spur economic growth, jobs creation, and innovation and make our companies competitive at home and abroad. I look forward to Paul’s return to the SEC.”
Uyeda and Peirce are Republicans who have been in the minority at the Commission during the Biden Administration.
The Digital Chamber of Commerce said it was delighted to have its Board advisor become the Chairman of the SEC.
“Mr. Atkins has been a pivitol ally in advancing our mission to develop robust, orderly, and fair digital asset markets. His dedication, insight, and leadership have been instrumental in shaping our efforts and vision for the future of the industry. [He] is the ideal choice to support President-elect Trump’s bold vision of establishing the United States as the global leader in digital asset innovation. We are confident his expertise and commitment will help pave the way for a thriving and forward-looking regulatory environment.”
Brian Armstrong, CEO of Coinbase (NASDAQ:COIN), called Atkins an excellent choice as SEC Chairman. Coinbase shares have rocketed higher in the past two days and are poised to hit a 52-week high on the Nasdaq.
