Following President-elect Donald Trump’s confirmation of Paul Atkins as the 34th Chair of the U.S. Securities and Exchange Commission (SEC), the crypto community has widely welcomed the decision. The crypto market has also responded to the news, with Bitcoin and Ethereum picking up, while Ripple has experienced a decline.
Several industry veterans shared their opinions on Atkins, a former SEC commissioner and seasoned financial regulator. One of the first reactions came from Ripple CEO, who called it an outstanding decision. Coinbase CEO Brian Armstrong also expressed his delight, adding, “Agreed—Paul Atkins is an excellent choice for the new SEC chair!”
SEC Commissioner Hester Peirce, known as “Crypto Mom,” was also considered a top contender for the SEC chair role and welcomed Atkins’ appointment. She stated, “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 this effort. Having worked for him during his last stint at the agency, I cannot think of a better person for the job.”
Republican Senator Cynthia Lummis praised the appointment, calling it a significant win for financial innovation. “President Trump promised to have the most pro-digital asset istration in U.S. history, and I look forward to working with both of them to promote innovation and strengthen our economy,” Lummis added.
Paul Atkins’ nomination as SEC Chair is a huge win for financial innovation. President Trump promised to have the most pro-digital asset in U.S. history, and I am looking forward to working with both of them to promote innovation and make our economy strong again
— Senator Cynthia Lummis (@SenLummis) December 4, 2024
Chris Dixon, General Partner at the venture capital firm Andreessen Horowitz and author of Read, Write, Own, congratulated Atkins and noted the crypto community’s optimism about the opportunities under his leadership.
Crypto Moves as Paul Atkins Confirmed as SEC Chair
This positive sentiment has also contributed to a rally in major cryptocurrencies. Bitcoin hit $99,000 this morning and is now trading at $98,386, reflecting a 24-hour increase of 2.81%. Ethereum broke through the $3,800 mark and currently stands at $3,790, up 2.76% in the past 24 hours. Its market capitalization reached $456.82 billion, following a 2.65% rise as its 24-hour trading volume exceeded $55.92 billion.
Meanwhile, many traders expect Ripple (XRP) to benefit significantly from Atkins’ leadership, particularly in light of Ripple’s ongoing legal battles with current SEC Chair Gary Gensler. However, XRP bullish rally was first marred with South Korea’s political crisis, and is currently trading at $2.1922 after a 13.73% decline in the past 24 hours. Its 24-hour trading volume fell by 47% to $22.59 billion, contributing to a 12% drop in market capitalization to $126.84 billion.
Paul Atkins is currently on the advisory board of Securitize, a company in which Ripple invested in 2018. Securitize’s CEO recently spoke at Ripple’s Swell 2024 event. Despite XRP’s recent struggles, Atkins is seen as a strong choice, particularly for the Real World Assets (RWA) sector, given his extensive experience in financial advisory roles.
