President elect and former President Donald Trump chose Paul Atkins as his nominee for the Securities and Exchange Commission. Atkins will replace Gary Gensler who protected investors from cryptocurrencies.
Paul Atkins is on the Board of Advisors for the Chamber of Digital Commerce. He sits on the board of a private equity underwriter (PEU) that has changed names multiple times.
That protection is no longer wanted given Trump himself launched World Liberty Financial and declared himself "Chief Crypto Advocate." If money is free speech, crypto is people too.
Atkins will be in position to free up CryptoBros and Fintech Pinheads from draconian federal intervention, as well as grease the skids for selling secondary private equity stakes.
Better Markets CEO had this to say (Politico):
Dennis Kelleher, CEO of the financial watchdog group Better Markets, called the complaints from Andreessen and the crypto industry “typical baseless billionaire claims.”
“If legislation is going to be considered, it should have a very thorough hearing that focuses on — and finds — a fact-based reason, not a political argument, … that a law is necessary,” he said. “Because a law on fair access can be used against the banking and financial industry in a way that will not only harm investors and markets, but undermine financial stability.”
Politicians Red and Blue love PEU and increasingly, more are one. It's the Red Team's turn to steer Uncle Sam's wallet to their friends and family. And they want to garner more than dollars.
