30s Summary

Former United States Securities and Exchange Commission (SEC) commissioner, Paul Atkins, is the rumored top choice to lead the SEC under Donald Trump’s administration. Atkins is recognized for his understanding of cryptocurrencies, which may result in positive changes in US crypto regulations and spark industry innovation. Trump’s team is also considering shifting the regulatory oversight of cryptocurrencies from the SEC to the more innovation-friendly Commodity Futures Trading Commission (CFTC). Additionally, the team may also create a dedicated crypto role within the White House. Potential departures from current SEC chair, Gary Gensler’s policies could be embraced, given his controversial tenure.

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Paul Atkins, a former commissioner for the United States Securities and Exchange Commission (SEC) looks to be the top pick to head the SEC under the upcoming administration of Donald Trump. Atkins is credited for being all about innovation and really knows his stuff when it comes to cryptocurrencies. Some reckon that he can bring the SEC back to its glory days, as noted by financial reporter Eleanor Terrett.

There’s some chatter that Trump’s new team may decide to handle the regulatory oversight of cryptocurrencies in a different way, possibly shifting the responsibility from the SEC to the Commodity Futures Trading Commission (CFTC). This could mark a significant change in policy, which could impact the crypto scene in a big way.

As for Atkins being the new SEC chair once Gary Gensler steps down in January 2025, this could mean positive changes for US crypto regulations, potentially sparking more innovation in the industry.

Atkins has a background serving as an SEC commissioner under Richard Breeden and Arthur Levitt, and is known for his balanced approach to regulation and his deep understanding of securities law. With Atkins in the driver’s seat, US crypto regulations could become more welcoming to innovation, possibly turning around what some see as a bit of an overreach from the current SEC leadership.

Trump’s team is also reportedly considering creating a new role at the White House fully dedicated to crypto policy.

The Trump administration is toying with the idea of passing oversight of crypto and crypto exchanges from the SEC to the CFTC. This significant move would change who’s in charge of regulating digital assets like Bitcoin, typically viewed as commodities, and potentially putting it in the hands of an agency that’s more innovation-friendly.

Gensler’s time as SEC chair has had its share of controversy because of his aggressive focus on imposing regulations, something that the crypto industry feels has dampened growth and innovation. With Gensler’s term ending on Jan. 20, 2025, there’s a sense of moving away from his policy style marked by frequent lawsuits and limited assured guidance for crypto firms.

Following Trump’s promise to replace Gensler with an SEC head who’s chill with crypto, there are already 18 US states filing to sue the regulator and its commissioners for what they call unfair targeting of the crypto industry.