On December 5, former U.S. President Donald Trump announced on the Truth Social platform that he will nominate Paul Atkins to serve as the next Chair of the U.S. Securities and Exchange Commission (SEC). Trump wrote in the post:
"I am pleased to announce the nomination of Paul Atkins as the next Chair of the Securities and Exchange Commission. Paul is a recognized common-sense regulatory leader. He believes in robust, innovative capital markets that meet the needs of investors and provide the capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are critical to making America greater than ever before."
The current SEC Chair, Gary Gensler, is seen as a hardliner, and his ambitious agenda has put him at odds with Wall Street and the crypto industry. Atkins, on the other hand, believes in robust, innovative capital markets that meet the needs of investors and provide capital to drive the continued leadership of the U.S. economy. The market expects that Atkins will review many of the rules and enforcement actions taken under Gensler, take a more moderate approach to cryptocurrencies, and seek rule changes aimed at promoting capital formation.
After the announcement, related concept tokens saw another round of price increases. According to GMGN data, RSR rose more than 12% to $0.0231. The RSR concept meme DTF surged from $0.012 to $0.036, a 230% short-term gain, before retracing to $0.0176.
After Trump took office, there have been a series of encryption-related policies introduced, and XRP's launch path is closely related to the resignation of the current SEC chairman. The SEC sued Ripple and its two senior executives - CEO Brad Garlinghouse and co-founder Chris Larsen - in December 2020 for "conducting $1.3 billion in unregistered securities sales," and this lawsuit has not yet been concluded.
On December 1, former CFTC Chairman Chris Giancarlo said in an interview that the SEC should reconsider its approach, especially given the recent legal results and the potentially changing regulatory environment. When asked whether the SEC would drop the Ripple lawsuit, Giancarlo said: "I think they should... I bet they will."
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