Gary Gensler’s Rule Ends, Can Paul Atkins Reverse Crypto’s SEC Nightmare?
On a day when pro-cryptocurrency Republican leader Donald Trump was named the winner of the US presidential election, crypto-sceptic Gary Gensler is almost certain to lose his job as chairman of the U.S. Securities and Exchange Commission. Yesterday, as expected, the president-elect announced plans to appoint prominent cryptocurrency advocate Paul Atkins as the next chairman of the commission. Can Atkins save the cryptocurrency industry?
A recent article on X by pro-XRP lawyer John Deaton suggests that cryptocurrency enthusiasts have very high expectations for the new chairman.
John Deaton’s key SEC reforms
Deaton noted that some important reforms to the agency are urgently needed. He called for the removal of all officials who supported Gensler’s regulatory crackdown on the crypto industry.
He sees this as a necessary step to prove he is a suitable replacement for Gensler. Explaining the importance of revamping the SEC’s entire top leadership, he recommended that Atkins appoint those who can create a balanced regulatory environment that supports innovation while protecting investors.
He questioned the relevance of a separate encryption unit and asked Atkins to replace the encryption unit with a general fraud unit that handles all types of fraud. He even hopes that the next chairman will make it clear that DeFi and self-custody should not fall under the jurisdiction of the SEC.
Interestingly, many, including Ripple CEO Brad Garlinghouse, have echoed Deaton’s call for a smart regulatory approach to the cryptocurrency industry — which Gensler’s suffered greatly during the ruthless crackdown.
SEC Misconduct in Debt Box Case
Earlier this year, a federal judge sanctioned the SEC for abuse of power after he found that the agency acted unlawfully when it attempted to obtain a restraining order against Utah-based cryptocurrency company Debt Box. Behavior. At least two attorneys, Michael Welsh and Joseph Watkins, had to resign from the SEC as a result of this legal outcome.
However, in the X post, Deaton strongly called for the firing of all officials involved in the debt box fiasco on Atkins’ first day as SEC chairman.
In summary, with Paul Atkins as chairman, the SEC is at a crossroads. Will Deaton’s reform roadmap shape a new era of cryptocurrency regulation? Only time will tell, but the entire crypto community is watching impatiently!
