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Trump’s Top SEC Chair Pick Paul Atkins Reluctant to Take Job: Source

Published

5 месяцев ago

3 декабря, 2024

A lot of stars would need to align for Paul Atkins, reportedly president-elect Donald Trump’s <a href=»https://www.politico.com/live-updates/2024/11/27/congress/former-sec-official-eyed-for-chair-00191952″ target=»_blank»>top candidate</a> to chair the U.S. Securities and Exchange Commission, to take the job.

It is an unattractive role for him because of the amount of work needed to turn around the bloated agency he believes was mismanaged by outgoing SEC chair Gary Gensler, a person familiar with Atkins’ thinking said.

Reluctance to clean up Gensler’s “<a href=»https://x.com/giancarloMKTS/status/1857074616373584127″ target=»_blank»>mess</a>” has been shared by former Commodity Futures Trading Commission chair Chris Giancarlo, who has <a href=»https://x.com/EleanorTerrett/status/1861926687392350450″ target=»_blank»>advocated</a> for Atkins to take the SEC job and was once considered a candidate himself.

Atkins, a former SEC commissioner, was spotted at Trump’s Mar-A-Lago resort this week, one industry source said. He was scheduled to interview for the SEC chair role Sunday and Monday, said another person with knowledge of the meetings.

Atkins is the founder and CEO of Patomak Global Partners, a global consulting firm specializing in strategy, risk management, and regulatory compliance. Patomak serves crypto firms, but they are a small part of its diversified practice, which includes traditional financial clients, public companies, trade associations, law firms, banks and insurance companies. Prior to starting Patomak, Atkins was a commissioner of the SEC from 2002 to 2008, appointed by former President George W. Bush. During his time at the SEC, <a href=»https://www.sec.gov/about/sec-commissioners/mark-t-uyeda» target=»_blank»>Mark Uyeda</a> and <a href=»https://www.sec.gov/about/sec-commissioners/hester-m-peirce» target=»_blank»>Hester Pierce</a>, who later became commissioners, worked as counsel to Atkins.

Atkins is well regarded in conservative circles. According to a source close to Atkins, he is friendly with Key Square Group founder <a href=»https://www.coindesk.com/policy/2024/11/22/trump-plans-to-name-pro-crypto-hedge-fund-manager-scott-bessent-as-treasury-secretary» target=»_blank»>Scott Bessent</a>, the billionaire hedge fund manager selected by Trump to become Treasury Secretary.

Atkins is reluctant to leave his practice, the person familiar with his thinking said. Taking up the SEC chair role would require him to resign from his business interests, which he may only do once his firm is well-positioned to operate without him, sources said.

Other candidates

Crypto attorney <a href=»https://www.coindesk.com/policy/2024/11/19/trump-said-to-consider-crypto-lawyer-teresa-goody-guillen-to-lead-sec» target=»_blank»>Teresa Goody Guillén</a> is also said to be under consideration by the Trump transition team. Binance co-founder <a href=»https://x.com/cz_binance/status/1861602369412190286″ target=»_blank»>Changpeng Zhao</a>, Cardano creator <a href=»https://x.com/IOHK_Charles/status/1859071615658848416″ target=»_blank»>Charles Hoskinson</a> and other crypto executives are privately and publicly supporting her based on her pro-crypto views and experience serving and arguing against the SEC on behalf of blockchain clients. Guillén has declared on X that she wants to <a href=»https://x.com/teresagoody/status/1859670969918349510″ target=»_blank»>“Make Crypto Great Again”</a> and has been <a href=»https://x.com/teresagoody/status/1861026545000665092″ target=»_blank»>polling the public</a> on the most effective ways the agency could address regulatory challenges.

Last week, crypto executive and former acting Comptroller of the Currency <a href=»https://x.com/BrianBrooksUS/status/1857965275356013036″ target=»_blank»>Brian Brooks</a> was believed to be a lead candidate to helm the SEC, gathering strong support from Web3 proponents and at one point leading the odds on prediction market Kalshi. But his lack of securities law experience made him a longshot, sources said.

Circle Chief Legal Officer and Head of Corporate Affairs Heath Tarbert is <a href=»https://www.bloomberg.com/news/articles/2024-11-27/trump-team-eyes-atkins-ex-sec-commissioner-to-succeed-gensler» target=»_blank»>reportedly</a> being considered. He is a former CFTC chair, assistant Treasury secretary, and associate White House counsel. «We won’t comment on speculation,” said a Circle spokesperson.

Brad Bondi was floated as a possible candidate, and while he has been described as “<a href=»https://unchainedcrypto.com/the-trump-connected-brad-bondi-is-a-new-sec-chair-contender-and-pro-crypto/» target=»_blank»>pro-crypto</a>,” critics privately said he has little experience in Web3, and is more of a traditional securities lawyer with a background serving the SEC and opposing the agency in court. But Bondi’s trump card, as it were, could be his close ties to the Trump administration. His sister <a href=»https://www.nytimes.com/2020/01/25/us/politics/trump-lawyers-defense-team-impeachment.html» target=»_blank»>Pam Bondi</a> was <a href=»https://truthsocial.com/@realDonaldTrump/posts/113523536267976149″ target=»_blank»>nominated to become U.S. attorney general</a> and is a Trump loyalist who represented the former president during his 2020 impeachment trial.

Similarly, former SEC investment management director and Kirkland and Ellis partner <a href=»https://www.foxbusiness.com/video/6364764811112″ target=»_blank»>Norm Champ</a> is a <a href=»https://news.bloomberglaw.com/business-and-practice/trumps-law-firm-backers-stay-quiet-to-protect-their-practices» target=»_blank»>Trump campaign backer</a> who told CoinDesk “I would be honored to serve as SEC Chair if President Trump thinks I am the right person for the job.” But his traditional securities background has not gathered excitement in the crypto community.

Trump’s pick for Manhattan’s U.S. attorney, Jay Clayton, has strongly endorsed attorneys <a href=»https://unchainedcrypto.com/who-might-trump-pick-for-s-e-c-chair-this-is-who-jay-clayton-hopes-to-see/» target=»_blank»>Robert Stebbins</a> and Dalia Blass, sources said, whom he supervised as SEC chief from 2017 to 2020. Crypto experts have been outspoken against them.

“Stebbins personally signed off, approved and encouraged 80 or so SEC crypto-related enforcement actions, including the most controversial of all – the SEC case involving Ripple,” wrote Ripple Labs advocate and former <a href=»https://x.com/JohnReedStark/status/1857927578042212851″ target=»_blank»>SEC attorney John Reed Stark on X</a>. The SEC partially lost that case when a judge ruled that XRP sales by Ripple Labs on public exchanges did not fall under the definition of a security; the agency has said it will <a href=»https://www.coindesk.com/policy/2024/10/02/sec-files-notice-of-appeal-in-case-against-ripple» target=»_blank»>appeal</a> that decision.

“Big Crypto is extraordinarily powerful and will have a lot of influence in the SEC Chair’s selection and I can’t imagine Big Crypto allowing Bob Stebbins to get the SEC Chair nomination,” Stark wrote.

Republican SEC commissioner Uyeda could become acting chair of the SEC after <a href=»https://www.coindesk.com/policy/2024/11/21/crypto-foe-sec-chair-gary-gensler-will-quit-when-trump-takes-office» target=»_blank»>Gary Gensler steps down</a> on inauguration day if the Senate doesn’t confirm his SEC pick by January 20. Commissioner Pierce, another favorite for the role, has <a href=»https://x.com/EleanorTerrett/status/1857543796625494216″ target=»_blank»>privately stated</a> she is not interested in being the chair on an acting or permanent basis, which would improve Uyeda’s chances. Whether he would stay in the role is less certain.

<a href=»https://x.com/jchervinsky/status/1854146813801967835″ target=»_blank»>“I expect Trump may prefer to bring in someone new of his own</a>,» crypto lawyer Jake Chervinsky stated on X.

Robinhood chief legal officer Dan Gallagher was <a href=»https://www.politico.com/newsletters/morning-money/2024/10/07/the-crypto-executive-who-could-soon-be-running-the-sec-00182663″ target=»_blank»>said to be</a> a top SEC chief candidate before the election, but he has since said he is not interested.

“I have made it clear that I do not wish to be considered for this position.” Gallagher told CoinDesk in an emailed statement. “I feel I can make tremendous progress to democratize finance in my current role, and I will remain a vocal and consistent advocate for positive change in our markets.»

Atkins, Guillén, and Uyeda declined to comment for this story. Trump transition team spokesperson Karoline Leavitt, Brooks, Brad Bondi, Stebbins, and Blass did not respond to requests for comment.

Washington experts say the Trump administration will likely roll back the SEC’s oversight of the $3 trillion digital assets market in favor of the CFTC. The latter agency is widely perceived to take a lighter touch because the market it regulates – derivatives – is dominated by sophisticated institutional traders rather than retail investors with less risk tolerance.

<a href=»https://www.coindesk.com/opinion/2024/11/21/gary-gensler-we-wont-miss-you» target=»_blank»>The SEC has led a wide-ranging campaign against digital assets companies that was often criticized as unfair</a>. The five-member commission will additionally need to fill a commissioner position following <a href=»https://www.sec.gov/newsroom/speeches-statements/lizarraga-statement-departure-112224″ target=»_blank»>Jamie Lizárraga’s announced departure</a>. The crypto community is keeping a close eye on the SEC chair selection process, which is expected to conclude in the coming days.

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Can Bitcoin Benefit From Trump Firing Powell? Turkey’s Lira Crisis May Provide Clues

Published

2 часа ago

21 апреля, 2025

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The week has begun on an interesting note, with the U.S. dollar crashing to three-year lows alongside losses on Wall Street, yet bitcoin, which usually follows the sentiment on Wall Street, stands tall.

This could just be the beginning.

The shift away from the USD and toward seizure and censorship-resistant assets like BTC and stablecoins could accelerate if President Donald Trump follows through with his reported plans to fire Federal Reserve Chairman Jerome Powell, which have pushed the DXY and U.S. stock markets lower today.

That’s the lesson from Turkey, which has seen its currency, the lira (TRY), collapse over the years mainly due to President Recep Tayyip Erdogan’s repeated interference in the central bank’s operations. The sliding lira has triggered a capital flight into BTC and stablecoins since at least 2020-21.

Trump’s issues with the Fed

Trump has feuded publicly with the Federal Reserve and its chairman, Jerome Powell, for years, criticizing Powell for being too late on rate cuts even during his first term when interest rates were way lower than today.

However, Trump’s criticism has recently reached a fever pitch with reports suggesting he is looking for ways to get rid of Powell, who recently warned of stagflation even as the President reiterated calls for lower borrowing costs while suggesting there is no inflation.

Powell’s patient approach follows a trade war-led spike in survey-based measures of inflation expectations, which could always become self-fulfilling.

Still, on Monday, Trump went further, calling Powell a «major loser» and warning that the economy could slow down unless interest rates are immediately lowered.

Lesson From Turkey

Erdogan began interfering in the central bank’s operations in 2019, and since then, the lira has collapsed sevenfold from 5.3 per dollar to 38 per dollar.

It all started with Turkey’s inflation rate reaching double digits in 2017. It remained elevated in the subsequent year, which prompted the country’s central bank to increase the one-week repo rate from 17.5% to 24% in September 2018.

The move likely didn’t go well with Erodgan, who issued the first decree dismissing Central Bank of Turkey (CBT) governor Murat Cetinkaya in July 2019. From then on until the end of 2021, Erdogan issued multiple decrees dismissing and hiring several CBT officials. Amid all this, inflation remained elevated, and the lira continued to depreciate at an alarming rate.

«We certainly don’t believe in high interest rates. We will pull down inflation and exchange rates with low-rate policy … High rates make the rich richer, the poor poorer. We won’t let that happen,» Erdogan said in 2021.

As of 2025, Turkey faces an inflation rate of nearly 40%, according to data source TradingEconomics.

This episode serves as a cautionary tale for Trump, highlighting that tampering with central bank independence — especially in the face of looming inflation — can erode investor confidence and send the domestic currency into a tailspin.

This does not necessarily mean that the USD will crash exactly like lira but may see significant devaluation.

Perhaps it could prove even more destabilizing for global markets, considering the dollar is a global reserve currency, and the U.S. Treasury market is the bedrock for international finance.

If better sense fails to prevail, U.S. investors may feel incentivized to move away from U.S. assets and into BTC and other alternative investments, just as Turks did.

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Bitcoin Holding Near $87k While Stocks Slump a ‘Strong Sign’ of Maturing BTC Sentiment

Published

3 часа ago

21 апреля, 2025

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Bitcoin (BTC) is taking a stand even as the broader stock market keeps sliding down to its tariff-related lows on Easter Monday.

The top cryptocurrency is up 2.3% in the last 24 hours and now trading for $86,800 for the first time since April 3—the day after the Trump administration unveiled its new tariff policy. Mainly buoyed by bitcoin, the broader market gauge CoinDesk 20 Index has risen 1.17% in the same period of time, with most tokens relatively unchanged.

Crypto-linked stocks have also remained stable, with Coinbase (COIN) and Strategy (MSTR) down 1.2% and 1.3% respectively, and major bitcoin miners such as MARA Holdings (MARA), Riot Platforms (RIOT), and Core Scientific (CORZ) slumping between 2% and 3%.

The crypto market’s resilience is noteworthy considering that the S&P 500, Nasdaq, and Dow Jones have gone lower by 3.35%, 3.5% and 3.27% respectively, making their way back down to the tariff-related lows of two weeks ago.

Gold, meanwhile, is up 2.9% and is now trading for $3,400, while the DXY (an index that measures the strength of the dollar against a basket of other currencies) reached its lowest level in three years.

“Was today’s tandem rally in bitcoin and gold merely holiday-driven noise, or a meaningful shift towards bitcoin as a safe-haven asset? The latter would mark a material change in how traditional finance views bitcoin,» analysts at crypto trading firm QCP Capital wrote.

«With Europe still on holiday, market confirmation may take a few more sessions. The correlation between bitcoin, gold and equities is one to watch closely.»

Meanwhile, Lawrence McDonald, former head of U.S. Macro Strategy at French investment bank Société Générale, said that it may be time to sell gold in favor of bitcoin.

“Bitcoin has NEVER held up this well with a VIX near 30,” he posted on X, calling bitcoin’s resilience a game-changer. “This is a strong sign of a maturing bitcoin market (good news) and colossal encroaching fiat currency stress, USD.”

BTC vs. SPX (CoinDesk)

The weakness of stocks and the U.S. dollar, put into perspective with bitcoin and gold’s strength, may be due to investors’ concerns about Trump potentially looking to fire Federal Reserve Chair Jerome Powell.

Earlier on Monday, U.S. President Donald Trump continued putting pressure on Powell, whom he called a “major loser” in a Truth Social post, sending an already shaky stock market even lower.

Trump demanded that Powell and his team lower interest rates “NOW,” arguing that there is currently “virtually no inflation” and that costs for many things are declining. Nevertheless, Trump said there’s a threat that the economy will slow down unless the Fed cuts rates.

Powell’s term, which started when he was appointed by Trump himself during his first four years in the Oval Office, is set to end in May 2026, but Trump has been trying to find a legal way to fire Powell beforehand.

The Fed Chair has previously argued that there is no possible way for the U.S. President to remove him under the law.

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Vitalik Buterin Proposes Replacing Ethereum’s EVM With RISC-V

Published

4 часа ago

21 апреля, 2025

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Ethereum co-founder Vitalik Buterin shared a new proposal over the weekend that would radically overhaul the system that powers its smart contracts.

Buterin’s suggestion, which he posted on Ethereum’s primary developer forum, involves replacing the Ethereum Virtual Machine, the software engine that powers programs on the network, with RISC-V, a popular open-source framework that offers built-in encryption and other benefits. .

The EVM is a key piece of Ethereum’s underlying design and has been seen as one of the main elements that helped the network succeed in a crowded field of other blockchains. Many non-Ethereum networks have used the EVM to build their own chains, as has a growing ecosystem of layer-2 networks built atop Ethereum, including Coinbase’s Base chain.

The EVM has long played an essential role in Ethereum’s development. Other chains that use it can seamlessly connect with apps on Ethereum, and developers on EVM-based networks can transition more smoothly to building applications directly within the Ethereum ecosystem.

Buterin argued that transitioning Ethereum to a RISC-V architecture will “greatly improve the efficiency of the Ethereum execution layer, resolving one of the primary scaling bottlenecks, and can also greatly improve the execution layer’s simplicity.” (The execution layer is the part of the network that reads smart contracts.)

The RISC-V architecture, which has seen limited adoption in other blockchain ecosystems, like Polkadot, could offer «efficiency gains over 100x» for certain kinds of applications, according to Buterin. These improvements could reduce the network’s costs — long seen as a major barrier to adoption.

Among the primary benefits of RISC-V is its native support for certain kinds of encryption. Transitioning to the new architecture could, in Buterin’s view, be a simpler alternative to the community’s current plan, which involves rebuilding the EVM around zero-knowledge cryptography.

Buterin’s proposal is something developers would tackle over the long term, comparable to projects like the Beam Chain, which is looking to revamp Ethereum’s consensus layer.

The RISC-V comes at a time of broader soul-searching for the Ethereum community. Recently, transaction volumes have declined, and Ethereum’s token has lagged behind the broader market.

Earlier this year, the Ethereum Foundation, the primary non-profit that supports the development of the broader Ethereum ecosystem, underwent a leadership transition in an attempt to remedy the impression among community members that the ecosystem lacked a clear roadmap and was losing its lead compared to competitors.