Following President-elect Donald Trump’s confirmation of Paul Atkins as the 34th chairman of the United States Securities and Exchange Commission (SEC), the crypto community has widely welcomed the move. The crypto market also reacted to the news, with Bitcoin and Ethereum rallying, while Ripple saw a decline.
Several industry veterans shared their opinions on Atkins, a former SEC commissioner and veteran financial regulator. One of the first reactions came from Ripple’s CEO, who called the move exceptional. Coinbase CEO Brian Armstrong also expressed his delight, adding: “Okay, Paul Atkins is a great choice for new SEC Chairman!
SEC Commissioner Hester Peirce, known as “Crypto Mom,” was also considered a leading candidate for SEC chair and welcomed Atkins’ nomination. She said: “We have a lot of work to do at the SEC to advance free markets, capital formation, investor choice and innovation. I’m thrilled to have Paul Atkins returning to lead this effort. Having worked for him during his last stint at the agency, I can’t think of a better person for the role.
Republican Senator Cynthia Lummis welcomed the nomination, calling it a significant victory for financial innovation. “President Trump promised to have the most pro-digital asset administration in U.S. history, and I look forward to working with them both to promote innovation and strengthen our economy,” added Lummis.
The appointment of Paul Atkins as SEC Chairman is a huge victory for financial innovation. President Trump promised to have the most pro-digital asset manager in U.S. history, and I look forward to working with them both to promote innovation and make our economy strong again .
– Senator Cynthia Lummis (@SenLummis) December 4, 2024
Chris Dixon, general partner at venture capital firm Andreessen Horowitz and author of Read, Write, Own, congratulated Atkins and noted the crypto community’s optimism about opportunities under his leadership.
Bitcoin, Ethereum and Ripple React After Paul Atkins Confirmed as SEC Chairman
This positive sentiment also contributed to the recovery of major cryptocurrencies. Bitcoin hit $99,000 this morning and is now trading at $98,386, reflecting a 2.81% increase over 24 hours. Ethereum crossed the $3,800 mark and currently stands at $3,790, up 2.76% in the last 24 hours. Its market capitalization reached $456.82 billion, following a 2.65% rise as its 24-hour trading volume exceeded $55.92 billion.
Meanwhile, many traders expect Ripple (XRP) to benefit significantly from Atkins’ leadership, especially in light of the ongoing legal battles between Ripple and current SEC Chairman Gary Gensler. However, XRP’s bullish rally has been marked for the first time by the political crisis in South Koreaand is currently trading at $2.1922 after a 13.73% decline in the last 24 hours. Its 24-hour trading volume fell 47% to $22.59 billion, contributing to a 12% drop in market capitalization to $126.84 billion.
Paul Atkins is currently on the advisory board of Securitize, a company Ripple invested in in 2018. The Securitize CEO recently spoke at Ripple’s Swell 2024 event. Despite XRP’s recent struggles, Atkins is considered a strong choice, particularly for the real world assets (RWA) sector, given his extensive experience in financial advisory roles.
Read also: Ripple CEO hails Trump’s SEC nominee Paul Atkins as ‘outstanding’