Ripple co-founder Brad Garlinghouse has expressed his optimism over Donald Trump’s choice for SEC chair. According to reports, President-elect Donald Trump has appointed Paul Atkins to head the US Securities and Exchange Commission, proposing four years of loosened regulations and enforcement for hedge funds run by cryptocurrency companies.
The news saw another wave of optimism among crypto investors, given that another top position in the US government will be taken over by a pro-crypto candidate. Garlinghouse took to X expressing his optimism over the appointment.
He wrote “An outstanding choice – Paul Atkins at the helm of the SEC will bring common sense back to the agency.”
He adds, “Along with Hester Peirce and Mark Uyeda, it’s time to swiftly and definitively end the prohibition era on crypto, restoring freedom of choice, economic growth, and innovation.”
Paul Atkins Nomination Comes Amid Trump’s Push For Pro-Crypto Candidates
Paul Atkins’ nomination comes at a time when Donald Trump has been pushing to get more pro-crypto candidates to hold power in the upcoming government set up.
Just previously, Scott Bessent, a pro-crypto advocate, had been nominated by Donald Trump to lead the US Treasury Department, one of the most influential government agencies with extensive control over public debt, international finance, taxation, and sanctions.
Even that nomination got a response from Brad Garlinghouse with the Ripple CEO stating that “It’s a perfect pick”.
Atkins Nomination Holds Huge Place For Crypto World
Atkins’ nomination to the SEC will hold huge importance for the crypto world given the previous aversion that the SEC had towards crypto assets.
Gary Gensler’s tenure at the SEC saw huge restrictions for crypto world. With multiple bones of contention and numerous lawsuits, the industry had a sour tooth with Gensler’s take on the digital asset world.
But now, Atkins, being a pro-crypto advocate, was chosen by Trump to take over for departing Chair Gary Gensler, making it clear that the upcoming Trump administration will likely be more supportive towards the crypto diaspora. Atkins has been a fervent supporter of digital assets.
In his former role as an SEC commissioner, Atkins advocated against imposing excessive fines on businesses, arguing that they ultimately harmed shareholders. He also emphasized the SEC’s mission to boost market efficiency and competition in addition to protecting investors.
Gensler implemented one of the most aggressive SEC agendas in recent history, so Atkins’ leadership would probably stand in stark contrast. With a difference in measures and leadership, it is likely that firms like Ripple will have an easier trajectory in future.