On the early morning of December 5th, Trump announced on Truth Social that Paul Atkins has been confirmed as the Chairman of the U.S. Securities and Exchange Commission. In his statement, he wrote:

“I am pleased to announce the nomination of Paul Atkins as the next Chairman of the U.S. Securities and Exchange Commission.

Paul is an outstanding leader advocating for common-sense regulation. He believes that strong and innovative capital markets can meet the needs of investors and provide the capital support to drive our economy to be the strongest in the world. He also recognizes the importance of digital assets and other innovations in making America great again.

Paul is the CEO and founder of Patomak Global Partners, a consulting firm focused on risk management. Since 2017, he has served as Co-Chair of the Digital Chamber Token Alliance, dedicated to researching and promoting the development of the digital asset industry. From 2002 to 2008, he served as a Commissioner of the U.S. Securities and Exchange Commission, during which he strongly advocated for transparency and investor protection. He holds a Juris Doctor (J.D.) from Vanderbilt University Law School and a Bachelor of Arts (A.B.) from Wofford College, graduating with highest honors and a member of Phi Beta Kappa.

Congratulations to Paul and his lovely wife Sarah and their sons Stewart, Peter, and Henry.”

Who is Paul Atkins?

Paul Atkins, 66, is a former SEC Commissioner during the George W. Bush administration. He is known for his opposition to “imposing hefty fines on companies that violate securities laws” and had previously opposed the Dodd-Frank Act that sought to strengthen federal regulatory powers after the 2008 financial crisis.

In 2016, Paul Atkins played a key role in the political transition team after Trump was elected president, influencing Trump’s laissez-faire approach to financial regulation.

Shortly after his term as an SEC Commissioner ended in 2008, Paul Atkins founded the financial services consulting firm Patomak Global Partners. The company provides regulatory and compliance consulting services to banks and investment institutions. In recent years, the company has also provided advice to clients on cryptocurrency and digital asset-related issues.

As a lawyer, Paul Atkins is actively involved in developing the "best practices" for cryptocurrency exchanges, serving as Co-Chair of the Token Alliance under the Digital Chamber of Commerce.

Currently, his nomination is pending Senate confirmation.

Congressman Tom Emmer stated that Paul Atkins brings extensive experience in both public and private sectors, recognizing that the "regulate by enforcement" approach has been a failed strategy that has severely hindered innovation in the United States.

According to The New York Times, Paul Atkins is a business-friendly conservative who may take a more lenient regulatory approach than the current SEC chairman.

SEC Chairman Hype Concepts

RSR

Following the announcement of Paul's selection as SEC Chairman by Trump, RSR experienced a short-term surge of 27%, with the price currently at $0.0231. The connection to RSR arises from the community discovering that Atkins had served as an advisor to the project.

Reserve founder Nevin Freeman previously explained that "Paul is not currently actively involved in advising Reserve; he was an early advisor to the project. Yet, in our interactions, his open-mindedness impressed me, and his willingness to be publicly associated with Reserve as an advisor indicates his commitment and support for the cryptocurrency space."

Reserve Rights (RSR) is a dual-token stablecoin platform that was launched on the Huobi Prime platform in May 2019. Reserve aims to establish a stable, decentralized stablecoin and digital payment system, with its stablecoin having features such as on-chain collateral backing of 100% or more to self-regulate supply based on demand.

RSR's primary problem-solving focus is volatility, as the volatility of cryptocurrencies has limited their market expansion as a medium of exchange. Due to concerns about potential profit loss during market downturns, merchants have been hesitant to accept cryptocurrency. The Reserve protocol provides the market with a stable store of value, medium of exchange, and deferred payment standard. Today, the focus of the Reserve Rights ecosystem is on helping individuals, treasuries, and DAOs combat inflation.

The total supply of RSR is 100,000,000,000, with a current market cap of $1,390,407,126 and TVL of $278,254,588.

DTF

DTF is a meme coin that is not directly related to the Decentralized Token Folios (DTF) protocol launched by Reserve. Its full name is "Believe In Something," corresponding to the DTF website's "Stop trading, believe in something."

Currently, DTF has a total market cap of $23.9 million and a 24-hour trading volume of $20 million.

XRP

XRP has surged fivefold in a month, reclaiming the third position in the cryptocurrency market cap ranking, returning to levels seen before the SEC and Ripple lawsuit in 2020, making this veteran token that has traversed cycles one of the best-performing altcoins recently.

Related Reading: "XRP Reclaims Third Place in Crypto Market Cap, What Is Driving Its Soaring?"

Ripple is a real-time gross settlement system, currency exchange, and remittance network created by the American technology company Ripple Labs Inc. Ripple was released in 2012 based on a distributed open-source protocol, supporting tokens representing fiat currency, cryptocurrency, commodities, or other units of value. It claims to enable "secure, instant, and nearly free global financial transactions of any size, without chargebacks."

Since Trump took office, there have been continuous cryptocurrency-related policies. XRP's launch path is closely related to the current SEC chairman's announcement of resignation. In December 2020, the SEC sued Ripple and its two executives—CEO Brad Garlinghouse and co-founder Chris Larsen—accusing them of "conducting $1.3 billion in unregistered securities sales." This lawsuit has yet to reach a conclusion.

On December 1, former CFTC Chairman Chris Giancarlo stated in an interview that the SEC should reconsider its approach, particularly in light of recent legal outcomes and potential changes in the regulatory environment. When asked if the SEC would drop the lawsuit against Ripple, Giancarlo said, "I think they should... and I bet they will."

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