- Donald Trump’s team has reportedly spoken with Paul Atkins. He could be a potential replacement for Gary Gensler.
- Senator Ted Cruz intends to establish Texas as a significant Bitcoin and cryptocurrency hub.
- According to Jim Cramer, Bitcoin, Ethereum, and some other cryptocurrencies should be included in the portfolio.
Following Gary Gensler’s resignation news on January 20, the spotlight is on Paul Atkins. After Trump’s team interviews him, he is seen as the potential future SEC Chair.
Atkins has served as a former SEC commissioner under President George W. Bush. Now, he is leading Patomak Global Partners, a consulting firm advising major financial players.
He is renowned for his support of Bitcoin and free-market policies. Atkins’ potential appointment could signal a significant shift in the U.S. government’s approach to regulating digital assets.
Karoline Leavitt, a Trump spokesperson, said:
“President-elect Trump has made brilliant decisions on who will serve in his second administration at lightning pace.”
The cryptocurrency community keenly observes whether Atkins will take the helm at the SEC. His appointment could have significant implications for crypto regulation. Continue reading to understand the whole breaking news of the crypto sector.
Why Paul Atkins For the SEC Chair Role?
While Brian Brooks was initially the frontrunner, Atkins has recently emerged as the top contender, according to Kalshi on X. This shift reflected Trump’s evolving focus on deregulation and policies favorable to blockchain technology.
Paul Atkins’ chances on the Kalshi prediction market surged to 60%. This has surpassed other candidates in the race.
The current SEC chair has faced criticism for his tough enforcement policies. Many believe this has hindered innovation in the cryptocurrency industry.
“Atkins is someone who is not only crypto-savvy but possesses a deep understanding of the inner workings of the agency as both a former commissioner and staffer. Atkins is seen as being capable of establishing a pro-innovation agenda while returning the agency to the so-called ‘golden standard’ many in the Republican Party feel was lost under Gensler,” claimed Fox Business reporter Eleanor Terrett.
Atkins’ support for more lenient regulations aligns with Trump’s goal of fostering growth and innovation in blockchain technologies. This signaled a potential departure from Gensler’s more restrictive approach.
The interview process involved candidates like Teresa Goody Guillen, Mark Uyeda, Heath Tarbert, and Robert Stebbins.
However, Paul Atkins’s firm grasp of digital assets and advocacy for the sector positioned him as the leading contender. His knowledge earned him an interview with Trump’s team for this crucial role.
Is the CFTC About to Take Control of the U.S. Crypto Market?
In several interviews, Gary Gensler argued that most digital assets fall under the SEC’s jurisdiction. Moreover, the agency’s enforcement actions are meant to ensure sector compliance.
However, Donald Trump is poised to challenge this position. Trump’s team is reportedly exploring the possibility of shifting regulatory authority over cryptocurrencies from the SEC to the CFTC.
This shift could involve expanding the CFTC’s role to oversee spot markets for digital commodities like Bitcoin and Ether. This change would be a major victory for the crypto sector if implemented.
What Do Senator Ted Cruz and Jim Cramer Think About Bitcoin and the Crypto Sector?
U.S. Senator Ted Cruz reaffirmed his commitment to making Texas a hub for Bitcoin and blockchain technologies. That aligns with Trump’s stance on crypto regulation.
A staunch supporter of the industry, Cruz shared his investment in the space. He declared, “I’m one of the strongest advocates for Bitcoin and cryptocurrency in the Senate. I personally invest in Bitcoin and currently own three mining rigs running in West Texas.”
Cruz pointed out the resistance from certain factions within the federal government, targeting figures like Elizabeth Warren.
“The biggest threat to Bitcoin and cryptocurrency is the federal government, especially radical leftists who despise it,” Cruz stated.
He stressed that he values the decentralized nature of cryptocurrencies the most. He further emphasized Texas’ potential to lead the crypto industry.
“I want Texas to be the hub for Bitcoin and cryptocurrency. We’re seeing miners and innovators from around the globe flocking to Texas to invest and create new jobs in this sector.”
Jim Cramer suggested on his show that Bitcoin and other digital currencies could be a smart addition to investment portfolios. This reflects the growing mainstream acceptance of the technology.
As debates over crypto regulations heat up in the U.S., a wave of support from figures like Cruz is gaining momentum. His active participation could play a crucial role in shaping the legislative landscape. That creates a more favorable environment for the expansion of cryptocurrencies.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
