Donald Trump Resigns in a November Trade Commission Term: A Post on “Truth Social” by SEC Chairman Paul Atkins
Atkins is also known as a strong backer of cryptocurrencies, and could help shape key regulations for an industry Trump has avidly courted, should he be confirmed by the Senate.
He will resign on January 20th, when Trump is inaugurated. It’s a widely anticipated move, given that SEC chairs typically resign when a new administration comes to power.
“Paul is a proven leader for common sense regulations,” Trump said in his Truth Social post. He believes in the promise of innovative, capital markets that will respond to investor needs and give us the best economy in the world. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
He served as an SEC commissioner from 2002 to 2008 and was known for his pro-business stance. He’s now the CEO of consulting firm Patomak Global Partners, which has clients across the financial and cryptocurrency industries.
According to a post on Truth Social by Donald Trump, he has named a former Securities and Exchange Commissioner, Paul, to head the agency.
The Rise of Bitcoin: Implications of the Cryptocurrency Boom and Donald Trump’s Presidency to the New U.S. Senate
For bitcoin, Trump’s return to the White House promises to be a game changer. Prices have surged over 40% since Election Day, with the rally gaining steam before Trump was even elected as investors anticipated his victory.
In addition to supporting Trump, the crypto sector spent millions to elect friendly people to Congress. Those efforts included helping Republican Bernie Moreno, a businessman who has expressed support for cryptocurrencies, defeat Democratic Sen. Sherrod Brown in Ohio. Brown is the chairman of the Senate Banking Committee and is skeptical of cryptocurrencies.
FTX’s collapse in 2022 made clear the history of scam and fraud that Cryptocurrencies have had. And they have been notoriously volatile. Critics claim they may pose a risk to the country’s financial system.
However, cryptocurrencies are notoriously volatile. Spectacular implosions have been seen in the industry. The founder and CEO of FTX, Sam Bankman- Fried, was convicted of fraud for taking billions of dollars from customers. Bankman-Fried was sentenced to 25 years in prison.
The industry could benefit from the Republican congress and the appointment of a good SEC head. The Republicans will have a small majority in the House and the Senate. The makeup of the incoming Congress was shaped in part by the millions of dollars the industry spent to help defeat lawmakers seen as crypto skeptics, like Democratic Ohio Senator Sherrod Brown, the current Chair of the Senate Banking Committee, who lost his reelection bid in November.
Dennis Kelleher, the president and CEO of the advocacy group, said that the Trump administration and the regulators they will appoint will unleash an unregulated industry on Americans.
The swiftness of the bitcoin rally over the past couple of weeks has investors hoping for further gains. But they’re not just optimistic because of Trump and the Republican Congress.
The launch of exchange-traded funds that can be held by average investors was reluctantly approved by the SEC Chair, but that is no longer the case.
The billionaires who are getting rich through speculators and gamblers use the digital currency, called cryptocurrencies. And frankly, there’s a bunch of them getting rich due to criminal activities from money laundering to financing terrorists and rogue states, and tax evasion,” Kelleher said.
“But that money’s all coming from the pockets of people who are being duped into thinking that this particular new financial product has some value, or worth, when it really is nothing but a vehicle for speculation,” he added.
“The clock will start ticking on a coming catastrophic financial crash that, in my view, will be much worse than 2008,” Keller said, referring to that year’s global financial crisis. “It’s only a matter of time.”