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Crypto ETF Fans Cheer Trump’s SEC Chair Nominee Atkins
Cryptocurrency ETF advocates welcomed president-elect Donald Trump’s nomination of Paul Atkins to head the Securities and Exchange Commission, betting the former SEC commissioner’s pro-crypto stance will lead to fresh approvals of ETFs in lesser-known digital currencies.
Trump announced the nomination yesterday on his Truth Social social media platform, saying Atkins, CEO of financial consultancy Patomak Global Partners, “recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
The nomination of Atkins to replace Gary Gensler comes as bitcoin crosses $100,000 and assets in the biggest spot bitcoin ETF, iShares Bitcoin Trust (IBIT) , approved by Gensler’s SEC in January, pass $50 billion. Trump during his campaign had promised a pro-cryptocurrency administration, and applications for exchange-traded funds backed by lesser-known tokens like XRP, Solana and HBAR have poured into the SEC in anticipation of a more receptive White House.
“As a strong crypto proponent of more than 10 years, he fulfills Donald Trump’s promise to replace Gary Gensler with a seasoned professional who will help this new asset class grow,” Ric Edelman , founder of the Digital Asset Council of Financial Professionals and a member of the etf.com advisory board, wrote in an email. “His appointment will give institutional investors greater confidence to invest in crypto, and will give the brokerage community the regulatory clarity it needs to recommend bitcoin and other digital assets to their clients.”
Atkins Nominated as Crypto Prices Rise
Edelman wrote that he expects crypto prices to “rise significantly” next year. Gensler, a Biden appointee who warned during the spot bitcoin ETF approval process of digital currencies’ potential to be used to commit fraud, has announced that he’ll depart on Jan. 20, Trump’s first day in office.
Pro-crypto SEC Commissioner Hester Peirce posted on X that she’s “delighted” that Atkins will be returning. “We have a lot of work to do at the SEC to advance free markets, capital formation, investor choice, and innovation. I cannot think of a better person for the job.”
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