• 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.

• Cambodia has intensified its digital assets regulatory measures.
• It has placed a ban on 16 popular cryptocurrency exchange platforms.

Cambodia has reportedly blocked websites of 16 crypto exchanges amid regulatory efforts to combat potential crypto related crime.  Among those blocked are Binance and Coinbase.

Binance is the world’s largest cryptocurrency exchange by trading volume and global user count, while Coinbase is the largest US-based crypto exchange.

Cambodia’s crackdown on unregistered exchanges

In a move to regulate the crypto space, the Cambodian government requires the exchanges to obtain a legal licence from the country’s Security and Exchange Regulator and the said exchanges failed to do so.

The Cambodian Telecommunication Regulator cited that the 102 sites banned were linked to online gambling. Shockingly, Binance which had signed a partnership with the Cambodian authorities in 2022, is among those whose sites are inaccessible following the TRC ban.

However, despite this ban, most of the banned exchanges’ mobile apps remain functional.

The National Bank of Cambodia banned the use of cryptocurrency in 2017 though citizens continued to gamble and do online exchanges of the said digital assets. The recent ban, as Nikkei Asia reported, is because the exchanges lack the licenses as required by TRC.

Despite the unfolding development, exchanges and other platforms play a huge role in the development of the country’s growing digital assets economy

Binance presence in Cambodia

In 2022, Binance signed an agreement with SERC to support Cambodia’s digital assets. The exchange went further to cement its presence in the country with a partnership with the conglomerate Royal Group.

Binance is among multiple exchanges that also faced a similar scenario to that reported in Cambodia earlier this year.

In January 2024, Indian authorities banned several platforms for failing to register.

This came a few days after India’s Financial Intelligence Unit pushed for the removal of exchange apps of several crypto exchanges from the Apple App Store and Google Play Store. It wasn’t until August 2024 that Binance officially reentered the Indian market, paying a $2 million penalty in the process.

A Delaware Court judge has once again rejected Elon Musk’s $56 billion pay package. The decision, issued by Judge Kathaleen McCormick, strikes down the compensation agreement despite shareholders’ attempt to “re-ratify” the deal. McCormick’s ruling follows a previous judgment in January, where the pay package was invalidated. The judge’s decision adds another layer to the ongoing legal battle, with Tesla expected to pursue an appeal.

Elon Musk’s $56B Tesla Compensation Deal Invalidated: Court Ruling Details

According to a Monday court filing, Judge Kathaleen McCormick has denied the tech company’s request to revise her earlier decision regarding Elon Musk’s pay package. The legal team for Tesla had argued that the recent shareholder vote to “re-ratify” the deal addressed the court’s concerns from the first ruling.

However, McCormick rejected this argument, citing that despite the vote, the pay package remained problematic.

The judge maintained that the CEO’s compensation deal was influenced by his power over the board of directors, leading to terms that were not “entirely fair.” In her opinion, Tesla had failed to ensure that investors were fully informed before agreeing to the pay package. McCormick reiterated that while the board could have chosen an appropriate amount of compensation, it capitulated to Elon Musk’s terms, which the court found to be excessive.

The judge added, 

“There were undoubtedly a range of healthy amounts that the Board could have decided to pay Musk. Instead, the Board capitulated to Musk’s terms and then failed to prove that those terms were entirely fair.”

Moreover, the legal setback also carries a financial penalty for Tesla. In addition to the ruling on the compensation package, the court awarded the plaintiff’s attorneys a $345 million fee, which the tech company must pay in cash or shares. 

In response, the Tech giant said,

“This ruling, if not overturned, means that judges and plaintiffs’ lawyers run Delaware companies rather than their rightful owners – the shareholders.”

Tesla To Appeal Ruling At Delaware Supreme Court

Following McCormick’s decision, the tech company will appeal the ruling to the Delaware Supreme Court. The company had hoped that the re-ratification by shareholders would allow the deal to proceed, but McCormick’s decision has created additional legal hurdles. 

A Delaware judge just overruled a supermajority of shareholders who own Tesla and who voted twice to pay @elonmusk what he’s worth. 

The court’s decision is wrong, and we’re going to appeal.

This ruling, if not overturned, means that judges and plaintiffs’ lawyers run Delaware…

— Tesla (@Tesla) December 2, 2024

The decision also raises broader questions about corporate governance and executive compensation in the tech industry. The outcome of the appeal could set an important precedent for future cases involving large executive pay packages.

In other legal developments, the tech giant CEO filed a lawsuit against OpenAI and Microsoft, accusing the companies of engaging in anti-competitive practices. The lawsuit, filed in the U.S. District Court for the Northern District of California, claims that OpenAI’s shift to a for-profit model undermines competition in the AI sector. Elon Musk’s legal team argues that OpenAI, backed by a $13 billion investment from Microsoft, has been using its influence to suppress competitors, including xAI.

Despite the ongoing legal challenges surrounding his pay package, Musk experienced a positive outcome in a separate legal battle. A U.S. District Court judge recently ruled in Musk’s favor in a case involving the U.S. Securities and Exchange Commission (SEC). The SEC had sought to sanction Elon Musk over his handling of the X acquisition, but the court denied the request. The court noted that Elon Musk had already reimbursed the SEC for costs related to a missed meeting.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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.