We have known since yesterday that Gary Gensler’s successor as chairman of the Securities and Exchange Commission (SEC) will be Paul Atkins, known for his pro-cryptocurrency views. But is this enough for Bitcoin investors to open champagne?
Paul Atkins is the new head of the SEC
Everything happened like in a political thriller: first the exchange of names, then the information that Atkins would refuse Trump (I was fooled!), and finally we got a plot twist and a happy ending.
Well, can we really talk about a happy ending here? Before I answer that question, let me introduce you to Mr. Atkins.
Paul Atkins is the CEO and founder of Patomak Global Partners, a risk management consulting firm. Since 2017, he has been active in the digital assets market as co-chair of the Digital Chamber’s Token Alliance. His portfolio includes, among others: developing best practices regarding the issuance of tokens and cryptocurrencies. He also heads the Token Alliance, a group lobbying for the development of the blockchain market in the US.
Gensler also meant well
The above biographical note about Atkins suggests that it would be difficult to find a better choice to head the SEC. At least when looking at the matter through the eyes of a cryptocurrency investor. But in reality it may be different.
Let me start by saying that the election of Gary Gensler as the head of the SEC also aroused enthusiasm among BTC fans. He was considered a supporter of wise regulation of the blockchain market.
Perhaps we need to get ahead of this big technology
– he said in 2019.
Fragments of his lectures at MIT also circulated online, showing that he taught students about blockchain, bitcoin and Ethereum.
However, when he became head of the SEC, he changed his narrative. During a Senate hearing in March 2021, he told congressmen that the commission he runs must ensure the safety of all investors in new markets.
These innovations were a catalyst for change. Bitcoin and other cryptocurrencies have introduced new approaches to payments and financial inclusion, but they have also raised new investor protection issues that we still need to address
– he said then.
He already pointed out that some tokens and cryptocurrencies are securities, which was the thesis that started the SEC’s war with the market.
Why am I reminding you of this? It is important to remember that officials at such levels as Gensler now and soon Atkins are subject to many political pressures. They often do not implement the policies they would like and which are consistent with their views. The fact that a given candidate is pro-cryptocurrency does not mean that he will immediately conduct activities that will appeal to bitcoin fans.
However, in Atkins’ favor is the fact that Trump promised to pursue a pro-Bitcoin policy during the election campaign. The new head of the SEC will have an ally and support in him (which Gensler did not have in Joe Biden). So maybe the choice of Atkins actually means some real change in the USA.
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