Trump chooses Atkins to head the Securities and Exchange Commission.. Why?

he said Trump In a post on “Social heritageOn Wednesday: “Paul is a proven leader for sound regulation, he also recognizes that crypto assets and other innovations are necessary to make ‘America greater than ever.’

In another important step for the job, he was nominated The newly elected president Also Jill Slater, the top aide to Vice President-elect JD Vance, who heads the Justice Department’s antitrust division. The US Senate must confirm the nominations of Atkins and Slater.

Industry participants praised the nomination of Atkins, who was a commissioner Securities Commission From 2002 to 2008, he later founded Patomac Global Partners, a risk management consulting firm.

American Securities Association President and CEO Chris Iacovilla said in a statement: “We look forward to working with him to restore public confidence in the agency,” according to a report in Britain’s Financial Times.

The report notes that the relationship between the financial industry and the current chairman of the Securities and Exchange Commission Gary Gensler It was tense, as it called for a broad rulemaking agenda and a strong stance on enforcement, imposing restrictions on traditional Wall Street players as well as cryptocurrency companies.

Gensler targeted many of the biggest Crypto companies With lawsuits and a refusal to formulate rules for crypto assets, arguing that many tokens are securities and that the current laws are clear enough. He described the sector as “wild”, full of scams and risks for investors.

Atkins is expected to adopt a friendlier approach to cryptocurrencies. He said in a podcast episode last year that America’s fragmented financial regulatory network increases costs and risks by creating rules that stifle innovation.

In relation to cryptocurrenciesAtkins said the SEC “needs to be there as aggressively as possible to accommodate non-criminal activity and then allow the market to flourish, because if it challenges employees and helps reduce costs for investors and people trying to raise capital, that’s why financial markets exist.”

Supporters of cryptocurrencies welcomed the nomination. “The past four years under Gensler have been a relentless campaign against cryptocurrencies,” said Christine Smith, CEO of the Blockchain Association.

Atkins also criticized the US Public Company Accounting Oversight Board, which regulates accounting firms and is overseen by the Securities and Exchange Commission. During his previous tenure at the Securities and Exchange Commission, he pushed for cuts to the organization’s budget and argued against some of the rules it imposed on auditors.

positive feedback

For his part, Nidal Al-Shaar, Chief Economist at ACI, told the Ektisad Sky News Arabia website:

• Cryptocurrency markets are witnessing noticeable changes after Adkins was appointed to head the US Securities and Exchange Commission.
• This pick, which was announced recently, had a big impact on the markets, as the value of Bitcoin breached the $100,000 barrier, reaching around $102,000 during Thursday’s trading (before pulling back to just above 97,000 due to profit-taking operations) with expectations further rises se.
• Most other cryptocurrencies have also seen an improvement in their prices, along with companies working in this technology Blockchain Cryptocurrency issuing platforms.

Al-Shaar describes Adkins’ selection as positive, as he has extensive experience in the financial industry from his work at the Securities and Exchange Commission during the George W. Bush administration.

Paul Atkins tends to support crypto assets and expand the use of blockchain technology in private and government operations, promoting the development of this industry.

The logo points to the alignment of Atkins’ visions with influential figures such as Elon Musk, in addition to the directives outlined by President-elect Donald Trump to support the United States to be the world’s number one in crypto assets.

He emphasizes that his candidacy was not only to support cryptocurrencies, but also to ease the climate and regulatory restrictions that have negatively affected companies listed in Financial marketAt the same time, he emphasized that the Federal Reserve will play a decisive role in regulating the relationship between cryptocurrencies and money supply management. So far, there have been no official comments from Federal Reserve Chairman Jerome Powell, but official views are expected soon.

Al-Shaar concludes that the crypto-asset industry needs clear regulations, specific controls and greater cooperation between central banks and supervisory bodies to ensure its growth and sustainability.

Bitcoin

With the price of Bitcoin rising above $100,000 for the first time late Wednesday and reaching more than $102,000 on Thursday before falling to $97. Alpha later, Standard Chartered Bank believes the leading cryptocurrency could double by the end of next year.

Analyst Jeff Kendrick said in a note on Thursday that the company’s end-2025 bitcoin price goal of around $200,000 is “achievable,” US network CNBC said in a report.

“We would be more optimistic if the currency saw,” Kendrick wrote Bitcoin Faster response from US pension funds, global sovereign wealth funds or potentially the US Strategic Reserve Fund. In 2025, we expect institutional flows to continue at the same or higher pace than 2024.

Bitcoin is up more than 140 percent so far this year, and is up 48 percent since President-elect Donald Trump won the election. Elections Which happened on November 5 last year.

Expected level

The head of the department confirms Global markets At Cedra Markets, Joe York told the Ektisad Sky News Arabia website that Bitcoin is expected to reach the $100,000 level in light of recent market developments, explaining that Trump’s selection of Atkins played an important role. in support of this increase, especially since Gary Gensler (the current chairman) was an opponent of the Bitcoin bill.

It shows the positive orientation of the management Trump towards cryptocurrencies contributed to strengthening confidence in the market, indicating that fears that Trump would change his position on cryptocurrencies were not misplaced, as he showed continued support for the sector.

At the same time, he points out that there is a great demand from… Investment institutions on Bitcoin, which he sees as the fundamental factor behind the significant increase in its value.

Yarak adds: “Bitcoin is up 140 percent since the beginning of the year and we expect more legislative mechanisms to open the door to the launch of Bitcoin. cryptocurrencies New and additional heights in this sector”, pointing out that the current conditions present an ideal environment for the development of the crypto market, with supportive factors and relaxed regulatory rules, which makes the future of cryptocurrencies promising.