President-elect Donald Trump hasactually picked Paul Atkins, a pro-crypto figure, to chair the Securities and Exchange Commission (SEC), according to reports by Unchained. Current SEC Chair Gary Gensler revealed he will action down on January 20 when Trump is inaugurated. Atkins, who served as an SEC commissioner under President George W. Bush, is well-respected in conservative legal circles and amongst the Republican facility.
One significant case before the federal courts is the continuous Ripple (XRP) claim, in which the SEC claims Ripple broke securities laws by releasing XRP. In July 2023, Judge Analisa Torres ruled that XRP was not a security when offered to retail financiers on exchanges however was a security in institutional sales.
The SEC atfirst lookedfor a $2 billion fine versus Ripple however was rather provided a $125 million charge. In October 2024, Judge Torres turneddown the SEC’s demand to appeal, stating they didn’t have strong adequate factors. Despite this, the SEC appealed to the Second Circuit Court, arguing the choice went versus Supreme Court judgments.
Curious about the Ripple vs SEC legal fight? Want to understand how it might impact XRP? Read our XRP rate forecast to discover out!
‘Paul Atkins is not what Trump Needs’
John Deaton justrecently described that Paul Atkins would be a really standard option, one that Wall Street would mostlikely authorize of. He specified that Atkins is somebody who appreciates the SEC and its personnel, however what is really required is somebody who obstacles the SEC’s actions.
Deaton thinks the SEC hasactually damaged financiers, rather than securing them, and that a modification in mindset is needed. While Deaton would assistance Atkins if picked, he feels he’s not the right fit if President Trump intends to bring alter to cr