- Paul Atkins is the new SEC Chairman and supports cryptocurrencies, which may lead to clearer rules for digital assets.
- He served as an SEC Commissioner from 2002 to 2008 and focused on fair and clear regulations.
- The crypto people expects him to address unresolved issues like NFTs and token classification, possibly with a new “token test.”
Paul Atkins has been officially appointed as the new U.S. Securities and Exchange Commission (SEC) Chairman. This is important to individuals interested in cryptocurrencies since Paul Atkins is pro digital assets. His position could bring about more defined rules for cryptocurrencies within the United States.
Paul Atkins’ Earlier Days at the SEC
Paul Atkins is a familiar face to the SEC. Between 2002 and 2008, he was a Commissioner under President George W. Bush.
As part of that role, he worked on developing rules that would be clear and fair, where decisions were being made about trading off costs against benefits. Countless in the crypto space believe Paul Atkins can bring these same concepts to provide improved policies for digital assets today.
The crypto industry has been waiting for Paul Atkins to fill this position. Prior to him, Acting Chair Hester Peirce and temporary leader Mark Uyeda had crypto meetings and clarified some regulations. They also dismissed some lawsuits against crypto businesses.
Many people believe Paul Atkins will speed things up at the SEC. He said, “As I return to the SEC, I’m glad to work with the other Commissioners and the team to support its goals, help businesses grow, keep markets fair and smooth, and protect investors.” He also said he wants the U.S. to be a safe place for business and investment.
Steps Toward Crypto Clarity
Under Hester Peirce, the SEC advanced crypto rules, including providing guidance on crypto mining, stablecoins, and meme coins. Some topics, though, like NFTs and whether a digital token is a security, are still unclear.
Some believe Paul Atkins may bring about a “token test” to determine which digital assets are securities.
What’s Next for Crypto Rules
Paul Atkins was nominated by President Trump in January. With a delay due to paperwork and the Easter holidays, the Senate confirmed him. He started as the 34th Chair of the SEC.
He said, “I am honored by the trust and confidence President Trump and the Senate have placed in me to lead the SEC.” With more than 20 years of experience in financial markets, he looks for fair markets and protected investors.
Individuals wish that Paul Atkins will introduce easy guidelines for crypto assets in the future. Paul is likely to make an appearance at the SEC third crypto policy roundtable in order to converse with the issue of crypto custody for firms like Fidelity and Kraken.
SEC’s legal suit against Ripple, which involves XRP, is coming towards the end, and XRP investors wish this soon. In addition, more than 17 spot ETF XRP applications also stand pending at SEC for inspection
Paul Atkins possesses roughly $6 million worth of crypto assets, displaying his connection to the cryptocurrency sector. Coinbase has been backing Linked Reserve Rights with regard to him.
Also Read: “Fed Chair Jerome Powell will be out real fast if I want it, says President Trump.”
