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Donald Trump selects pro-crypto Paul Atkins to be the next US SEC chair

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Donald Trump selects pro-crypto Paul Atkins to the next US SEC chair
  • Trump picks Paul Atkins, a pro-crypto libertarian, for the SEC chair role.
  • Atkins is expected to provide clearer crypto regulations.
  • Senate confirmation is needed, although Trump could pursue a recess appointment.

President-elect Donald Trump has selected Paul Atkins, a staunch advocate for the crypto industry, to serve as the next chair of the US Securities and Exchange Commission (SEC) once Gary Gensler steps down in January 2025.

This move marks a significant step in fulfilling Trump’s campaign promises to reshape the regulatory landscape for digital finance and bring clarity to cryptocurrency rules.

Atkins’s pro-crypto stance

Atkins, who served as an SEC commissioner under President George W. Bush, is well-known for his libertarian views and has earned respect within conservative legal circles.

Since leaving the SEC, Atkins has been an outspoken supporter of the crypto industry, particularly in his role as co-chair of the Token Alliance at the Digital Chamber of Commerce. In addition, Atkins has advised digital finance companies on regulatory compliance as the founder of Potomak Global Partners, a consultancy he established in 2009.

The crypto market expects a turnaround under Trump’s leadership

The selection of Atkins comes as Trump aims to provide clearer guidelines for the cryptocurrency market, which has long been frustrated by SEC chair Gary Gensler’s approach.

Under Gensler’s leadership, the SEC was criticized for pursuing enforcement actions against crypto companies without establishing clear regulatory frameworks. This led to widespread discontent within the crypto industry, with many calling for a more transparent and collaborative approach.

Gensler has, however, announced his resignation, effective January 20, when Trump is set to take office, creating room for fresh leadership at the SEC.

During his campaign rallies, Trump promised to make the US a “world capital” for crypto and has committed to replacing Gensler to help establish clearer rules for the industry. He also proposed the creation of an advisory council to focus on crypto policy and suggested a national Bitcoin strategic reserve.

The selection of Atkins signals a strong push towards crypto-friendly regulations, a move that is likely to be welcomed by the industry, especially after years of uncertainty.

Although there are reports that Atkins is reportedly reluctant to accept the role, attention now shifts to The Senate, which will be responsible for confirming or declining Atkins’ appointment, though Trump could choose to make a recess appointment if necessary.

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Regulation

Donald Trump Picks Paul Atkins As Next US SEC Chair

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1 hour ago

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December 4, 2024

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US President-elect Donald Trump has picked pro-crypto Paul Atkins as the next chair of the US Securities and Exchange Commission. Atkins will replace the current US SEC chair, Gary Gensler, who will resign on January 20, the same day Trump becomes president.

Donald Trump Picks Paul Atkins For US SEC Chair Role

In a post on the Truth Social platform, Donald Trump announced that he was nominating pro-crypto Paul Atkins for the US SEC chair role. The US president-elect mentioned that Atkins is a proven leader for “common sense” regulations.

Trump also alluded to the crypto industry, noting that Atkins also recognizes that digital assets and other innovations are critical to making America greater than ever.

This development comes after weeks of speculation, during which names like Robinhood Chief Legal Officer (CLO) Dan Gallagher had come up as potential candidates to succeed Gensler. However, Dan Gallagher stepped out of the race when he clarified that he didn’t want the job.

Meanwhile, Paul Atkins’ nomination will undoubtedly delight individuals like pro-XRP lawyer John Deaton, who endorsed him for the job.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Australia Crypto Industry Slams ASIC Digital Asset Regulation Draft Changes

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December 4, 2024

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The Australian Securities and Investments Commission (ASIC) released a new consultation paper while providing key updates to the digital assets guidance and related financial products. With this update, the regulator seeks to provide greater clarity on how the existing financial product definition applies to crypto, and can be part of the digital asset regulation. However, some crypto industry experts slammed the move saying that it will benefit only big businesses and push small players out of the market.

Australia’s ASIC Seeks Feedback on Crypto Guidance

Australia’s top financial regulator ASIC released Consultation Paper 381 (CP 381) earlier today outlining the updates to Information Sheet 225 (INFO 225) regarding (IETH) and related financial products. These products will provide clarity on how some of the traditional market rules are also applicable to digital assets.

ASIC Commissioner Alan Kirkland emphasized the importance of balancing responsible financial innovation with consumer protection. He said:

“We want to promote the growth of responsible financial innovation while ensuring consumer protection. A well-regulated financial system benefits everyone in the community as it supports consumer confidence, market integrity and facilitates competition and innovation”.

Kirkland also noted that Australia’s regulatory regime is broad as well as technology-neutral allowing digital assets to accommodate within the existing framework for financial products. Furthermore, ASIC is seeking feedback on key issues which include:

  • The application of existing financial services licensing processes to digital asset businesses.
  • The regulatory challenges related to wrapped tokens and stablecoins.
  • The potential for regulatory relief for businesses transitioning to new regimes.

Furthermore, ASIC noted that it would consult on these updates until February 28, 2025. The regulator will publish a final version of INFO 225 in mid-2025 after considering the feedback received.

Moreover, it would also continue to use its regulatory tools to protect consumers and maintain market integrity within the digital asset space. These guidelines will also be applicable to some of the top crypto exchanges in Australia.

Crypto Industry Experts Slam the Move

Crypto industry experts stated that compliance will no longer be optional under the new regulatory rules and market players are likely to have a close look at it. There have also been growing concerns that ASIC’s draft guidance could leave crypto startups vulnerable, potentially driving an exodus of firms from Australia.

Crypto lawyer Joni Pirovich commented on LinkedIn that the updated guidance could make launching a crypto business in Australia “as costly as, or even more expensive than, launching offshore”. She added:

“From a timing perspective, Australian innovators that want to launch now will likely do so offshore. Those that are based here face a significant step up in compliance costs”.

Liam Hennessy, a partner at Clyde and Co law firm, also echoed similar thoughts on this. He said: “Obviously, the bigger businesses will be better able to withstand all of that regulation, all of that legal cost, compliance cost that is associated with it. Smaller businesses may struggle”.

However, he also appreciated the move towards greater regulatory clarity. Hennessy said: “It is a significant piece of regulatory guidance to the market. Anything which gives regulatory clarity is a good thing for the market.”

The Changing Digital Assets Regulation and Landscape

Australia’s digital assets landscape has been changing amid global developments and the emergence of crypto ETFs in the market. As part of the region’s improving clarity on digital asset regulation, asset manager Monochrome launched its Ethereum ETF (IETH) amid the rising demand growth in the local market. Crypto investment products have been also gaining traction amid changes in the global regulatory market and rising acceptance.

Looking at the regulatory development, crypto firms are also looking to expand in Australia. Circle has announced the expansion of its USDC stablecoin operations into Australia while collaborating with venture capitalist Mark Carnegie’s MHC Digital Group. The partnership aims to leverage the robust financial infrastructure of Australia enhancing the utility and accessibility of USDC in the region.

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Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Bitcoin Jesus Roger Ver Fights US Indictment Alleging Tax Evasion: Details

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17 hours ago

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December 4, 2024

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Roger Ver, recognized in the crypto community as “Bitcoin Jesus,” is contesting an eight-count indictment brought by the U.S. Attorney for the Central District of California. Ver, known for his early investments in Bitcoin and advocacy for digital assets, is accused of failing to report $50 million in taxes on Bitcoin transactions valued at $240 million in 2017. 

Additional charges allege that Ver underrepresented the value of his businesses during his 2014 renunciation of U.S. citizenship to avoid higher exit taxes.

Roger Ver Fights Tax Evasion Charges

According to FOX Business, Roger Ver is challenging allegations that he evaded paying $50 million in taxes on substantial Bitcoin sales in 2017. Prosecutors claim Ver also underreported the value of two companies he owned, MemoryDealers US and Agilestar, when he expatriated in 2014. 

Allegedly, the underreporting allowed him to avoid a higher exit tax, a levy imposed on unrealized capital gains for individuals relinquishing U.S. citizenship.

Ver’s legal team, comprising attorneys from prominent law firms Steptoe LLP and Kimura London & White, filed a motion to dismiss the indictment. The motion argues that the Justice Department engaged in unconstitutional government overreach and selectively withheld key evidence. It also claims the actions violated Ver’s right to due process. 

The filing includes correspondence between Ver and his attorneys, indicating his efforts to ensure compliance with crypto tax regulations at the time.

Allegations of Government Overreach and Communication Misuse

Roger Ver’s legal representatives contend that prosecutors improperly obtained privileged attorney-client communications and used them to build their case. These communications include detailed emails in which Ver sought professional advice to meet his tax obligations, even under ambiguous guidelines.

The legal team also claims that the indictment reflects selective enforcement against Roger Ver, a vocal critic of U.S. cryptocurrency regulations. The motion claims crypto tax rules during Ver’s expatriation were unclear, making criminal charges unwarranted.

Furthermore, the attorneys assert that the government’s actions violate core constitutional protections for individuals seeking to renounce citizenship.

More so, Ver’s defense argue that crypto tax regulations were insufficiently defined at the time of his alleged offenses. The IRS began issuing guidance on virtual assets as property in late 2014, after Ver had renounced his U.S. citizenship. 

His legal team maintains that Roger Ver relied on attorneys and accountants to comply with all applicable laws. In an email correspondence dated April 2013 and included in the filing, Ver expressed to his lawyer, 

“I want to make sure that my exit tax payments are as clean as possible, with no room to have trouble from the IRS in the future.”

Moreover, emails reveal that Ver’s advisors recommended obtaining third-party appraisals to address the difficulty of valuing Bitcoin accurately, given the low market liquidity in 2014. The defense further argues that any discrepancies were unintentional and do not warrant criminal prosecution.

The motion to dismiss is being reviewed by the U.S. District Court for the Central District of California. Ver’s attorneys express optimism that the incoming Trump administration, may influence the case’s outcome.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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