Now that Paul Atkins has been confirmed as the Chairman of the US SEC, he plans to make Bitcoin and the crypto world his top priority.
Paul Atkins, the recently sworn-in chairman of the United States Securities and Exchange Commission (SEC), has announced his plans to focus on digital assets. This explicit goal of the agency’s leader will mark a significant milestone for the cryptocurrency ecosystem.
Paul Atkins to Bring Principled Approach to Crypto
During his swearing-in ceremony on April 22, the new US SEC Chair clarified that his top priority is Bitcoin (BTC) and other cryptocurrencies. Part of his strategy is establishing a comprehensive regulatory framework for Bitcoin and the whole crypto industry. This will be achieved through a “rational, coherent and principled approach,” Atkins explained.
He also assured the public that he would keep political affairs far from securities laws, a path many market observers accused Gary Gensler, the former SEC Chair, of failing to take. It is worth noting that Atkins’s vision aligns with President Donald Trump’s, who intends to encourage the growth of the crypto landscape in the United States.
Last month, Trump signed an executive order establishing a Bitcoin strategic reserve. This move aligns with his broader vision for the US’s economic leadership. The treasury reserve is designed to hold Bitcoin owned by the federal government, most of which was forfeited as part of criminal or civil asset forfeiture proceedings.
Trump also seeks to ensure that the reserve does not cost taxpayers. According to David Sacks, the White House czar for AI and cryptocurrency, Bitcoin is estimated to be around 200,000 units and will not be sold but held for a long time, like “a digital Fort Knox.”
SEC Adjusts With New Political Administration
The SEC has generally made several adjustments to its operations since Trump was sworn into the White House, coinciding with Gensler’s exit from the agency. The Commission established a crypto task force led by Hester Peirce to counteract activities and ensure compliance with the policy.
Also, the US SEC finally scrapped the controversial SAB 121 rule, which made it difficult for banks in the country to keep custody of crypto. Instead, it was replaced by SAB 122, which permits banks to hold crypto assets.
The SEC has equally dismissed its lawsuits with crypto firms like Uniswap, Coinbase, Kraken, and Robinhood. Brad Garlinghouse, Ripple’s CEO, also announced that the agency dismissed its almost five-year-long case.
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