The elected president of the United States, donald trumpannounced on Wednesday on Truth Social, the social network he owns, that he will nominate Paul Atkins to head the Securities and Exchange Commission, putting a reputable and experienced conservative at the top of Wall Street’s regulatory body. Atkins’ profile contrasts sharply with the rest of the appointments of trumpbecause the majority respond to members very close to their figure, but with few qualifications for their position.
The appointment of Atkins, lawyer by profession, is a relief on Wall Street and the cryptocurrencieswhich today has seen how bitcoin has surpassed the barrier of one hundred thousand dollars at the height of the sector’s boom. The current chairman of the Securities and Exchange Commission, Gary Genslerwas appointed by Joe Biden, and is known for his fierce opposition to cryptocurrencies.
Contrasts with its predecessor
Atkins, according to Trump on social networks, “believes in the promise of capital markets robust and innovativethat respond to the needs of investors. “It also recognizes that digital assets and other types of innovations are crucial to make America greater than ever again,” declared the president.
For his part, the current head of the CBV, Gary Gensler, promoted more than forty rules aimed at promoting transparency, reducing risks and eliminating conflicts of interest in Wall Streetin addition to suing several cryptocurrency companies that, according to him, ignored the institution’s rules.
It is expected that Atkins review several of the measures introduced by Gensler, including those in the courts. It is also expected to adopt an approach much more lax regarding cryptocurrencies, and that promotes changes aimed at promoting capital formation. Most industry groups applauded his appointment, although the most progressive sector warned that his approach to Wall Street could be “too soft.”
Industry reactions
Eric Panthe executive director of the investment lobby ‘Investment Company Institute’, said in a statement that “his distinguished track record and years of experience in the industry make him a excellent nominee«. Atkins currently serves as CEO of Patomak Global Partnersa Washington strategy and risk consultancy that he founded in 2009.
The next president of the CBV is an old acquaintance of trumpsince he participated in his transition team in 2016. At that time his name already sounded like one of the possible ones for occupy the position to which you will now enterdue to his status as one of the financial executives closest to the magnate.
The cryptocurrency industry, which has ostensibly invested in the Trump campaign, has enthusiastically celebrated the emergence of Atkins in the panorama. They have been pushing for someone like their ideas to come to power for several years, dynamiting Gensler’s campaign against ‘crypto’. Atkins’ profile is ideal, as he has been involved in the sector as co-director of ‘Token Alliance‘, which works to develop best practices in digital asset issuance and trading platforms.
Ji Kimlegal and policy director at the Cryptocurrency Innovation Councildeclared that “this is a strong appointment, with a view to the future. “We expect an administration focused on promoting responsible investment.”
Long political career
Atkins’s political past, on the other hand, dates back to times long before Trump. In 2002, he was chosen by the then president George W. Bush as one of the five commissioners of the Securities and Exchange Commission. From that stage, Atkins highlights that his philosophy was based on the free market systemfervently opposing what he considered “unproductive increases in hedge fund surveillance.”
Looking ahead, Atkins’ ideas align with the plans of trumpwhich aims to end the «woke capitalism«. The manager has criticized on numerous occasions the »socially conscious« activism of the Commissionwhich has been developed in recent years in relation to climate risk and other investment rules on social aspects.
It is expected that, as a result of Atkins’ appointment, there will be a earthquake in the administration of the US Securities and Exchange Commission. Trump continues to choose, member by member, the suitable parts to put his idea of America into practice. Names like Atkins make sense for the magnate to begin incorporating the policies of his second and last term at the head of the largest Western power.
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