Paul Atkins sworn in as US SEC Chair

[m2017]

April 21st, Paul Atkins is sworn in as US SEC Chair for the second time. He served his time as the SEC Chair from 2002 to 2008 and now 17 years later, he is back. This is seen as a positive thing as Paul Atkins is notoriously pro-crypto. Bitcoin is now at $88k after scaring a lot of investors the past weeks. Do you think the rise in bitcoin price is a reaction to the new SEC Chair?

Isn't it a suspicious coincidence that in the year he was fired, bitcoin was created (maybe he is the real Satoshi)? Especially if he is notoriously pro-crypto. If you put it all together, it becomes clear why the current surge in bitcoin prices occurred.

Isn't this a great start for a tabloid article?

But seriously, it is extremely short-sighted to try to find a connection between these two events, since the real reason could have been a completely different, third (or even fourth, or fifth) event (or set of events).

What do you want to see from Paul atkins? Can we expect less strict management under him when it comes to crypto? Since he was already into cryptocurrency and blockchain technology, I am expecting SEC to be more accepting of innovations when it comes to crypto. What about you?

Bitcoiners "shout" about bitcoin at every turn as a means of independence from the traditional financial system, but at the same time they expect approval (positive changes) from the regulatory bodies (officials) of this very system. Isn't this contradictory?

Bitcoin has been developing all these years without their help and approval. Is "recognition" from SEC really required now?

[Abiky]

April 21st, Paul Atkins is sworn in as US SEC Chair for the second time. He served his time as the SEC Chair from 2002 to 2008 and now 17 years later, he is back. This is seen as a positive thing as Paul Atkins is notoriously pro-crypto. Bitcoin is now at $88k after scaring a lot of investors the past weeks. Do you think the rise in bitcoin price is a reaction to the new SEC Chair?

What do you want to see from Paul atkins? Can we expect less strict management under him when it comes to crypto? Since he was already into cryptocurrency and blockchain technology, I am expecting SEC to be more accepting of innovations when it comes to crypto. What about you?

Probably. But the hype won't last for long. Especially if Trump resumes tariffs after the "90-day pause". Bitcoin and other cryptocurrencies will go through a "bloodbath" in market prices, albeit for a short period of time.

Anyways, having a pro-crypto SEC chairman on-board is definitely good news for the industry. So much better than having Uncle Gary (former SEC chairman Gary Gensler) around. Just like you, I think Atkins will be "more accepting of innovations" when it comes to crypto. Exchanges and major companies will be sailing on smooth waters from now on. At least, within the next 4 years. Hopefully, exchanges like Bittrex and Binance open again their doors to US-based customers soon.

[john_egbert]

April 21st, Paul Atkins is sworn in as US SEC Chair for the second time. He served his time as the SEC Chair from 2002 to 2008 and now 17 years later, he is back. This is seen as a positive thing as Paul Atkins is notoriously pro-crypto. Bitcoin is now at $88k after scaring a lot of investors the past weeks. Do you think the rise in bitcoin price is a reaction to the new SEC Chair?

What do you want to see from Paul atkins? Can we expect less strict management under him when it comes to crypto? Since he was already into cryptocurrency and blockchain technology, I am expecting SEC to be more accepting of innovations when it comes to crypto. What about you?

Probably. But the hype won't last for long. Especially if Trump resumes tariffs after the "90-day pause". Bitcoin and other cryptocurrencies will go through a "bloodbath" in market prices, albeit for a short period of time.

Anyways, having a pro-crypto SEC chairman on-board is definitely good news for the industry. So much better than having Uncle Gary (former SEC chairman Gary Gensler) around. Just like you, I think Atkins will be "more accepting of innovations" when it comes to crypto. Exchanges and major companies will be sailing on smooth waters from now on. At least, within the next 4 years. Hopefully, exchanges like Bittrex and Binance open again their doors to US-based customers soon.

Just not going too deep in what is currently in motion would be great already.

And I hope the war won't be resumed - because clearly, it would mean another pullback to where we started..

[sunsilk]

I don't know him wholly and so, I have no expectation except that if he's a known pro Bitcoin and crypto, then let's accept that many ETFs will be filed.

I'm not sure if this news is the reason why the price of Bitcoin has pumped recently. But if it's then people knew him exactly and that's why they have drove the prices again and saw it as a buying opportunity so the demand increased.

Unlike Gary Gensler, I guess that he's hundred times better.

[Jaycoinz]

Better than Gensler but the regulatory environment around Bitcoin & most of crypto is kind at the moment any way. The Biden administration was hostile towards innovation, the Trump administration is kind to it. However the trade war means everything is down so short term it doesn’t matter who SEC chair is.

Don't want to sound like an hater but its not being even up to 4 months since Mr trump took office and am just being optimistic that a whole lot can still happen in that kind of space and time although as it seems everything related to Trump looks positive in the side of crypto but it can still change as politician are always not to be trusted as they are like chameleon who changes with time.

Us got a new sec right? No biggie let's see if the regulations get better or a bit sour than it's already is.

[melinoe]

I don't know him wholly and so, I have no expectation except that if he's a known pro Bitcoin and crypto, then let's accept that many ETFs will be filed.

I'm not sure if this news is the reason why the price of Bitcoin has pumped recently. But if it's then people knew him exactly and that's why they have drove the prices again and saw it as a buying opportunity so the demand increased.

Unlike Gary Gensler, I guess that he's hundred times better.

Nah, it's definitely not due to him going into the office.

Just overall, the liquidity returns to where it belonged before the crash we had.

[sunsilk]

I don't know him wholly and so, I have no expectation except that if he's a known pro Bitcoin and crypto, then let's accept that many ETFs will be filed.

I'm not sure if this news is the reason why the price of Bitcoin has pumped recently. But if it's then people knew him exactly and that's why they have drove the prices again and saw it as a buying opportunity so the demand increased.

Unlike Gary Gensler, I guess that he's hundred times better.

Nah, it's definitely not due to him going into the office.

Just overall, the liquidity returns to where it belonged before the crash we had.

It's long overdue that we need a recover after all of those dumps that we've been through. The crashes that have definitely made people believed that we're already in the bear market.

And when Paul was assumed into office being the US SEC chair, there is this news that has recently came out, delaying the decision for some ETF applications.

SEC postpones decision on several crypto ETF filings after Paul Atkins assumes leadership

[fuguebtc]

Hopefully, exchanges like Bittrex and Binance open again their doors to US-based customers soon.

Bittrex  is not only closing its operations in the US market, but also announcing its closure globally. They did not specify the reason, but there are some rumors that it was not only because of the SEC   lawsuit but also because their market and trading volume decreased, making it difficult to do business.  So they're not going to come back into  the market just because the SEC has a new and pro-crypto chairman.

Binance has never shut down in the US market , they operate under a different domain called Binance.us and are dedicated to the US market. But their market share has dropped  significantly but I think the reason is because they are not a US exchange like  Coinbase ,  Kraken...

[Luzin]

I just found out, this condition is quite good because of Atkins' history of being very pro towards crypto. In fact, I remember him once talking that strict regulation will slow down crypto growth policies. Hopefully this will be true because this is very contrary to Gary Glenser who makes policy very disciplined. Atkins is also not a random person in the crypto world because his experience is good. It seems that Atkins' inauguration also has an effect on crypto prices. This is good news for new investors who want to get in. In other news, Atkins has indicated plans to review several litigation cases against previously initiated crypto companies.

[coolcoinz]

One of them is the gold rally which was usually bullish for bitcoin. Usually when gold went up, bitcoin bull run followed a few months later.

Is this really true? I have also seen some analysis, charts showing that bitcoin growth usually follows gold and has a lag of 100 to 120 days. But I doubt it because gold and bitcoin are not the same, gold is a safe haven while bitcoin is still considered a speculative asset.

According to my research, the recent recovery in bitcoin is due to more optimistic news on tariffs, the Fed is likely to lower interest rates and that will cause the DXY to weaken, and the weakness in DXY is a good sign for speculative assets like bitcoin. Bitcoin has recovered better than stocks simply because it is more volatile and stocks have been hit harder by the tariff war.


The correlation between bitcoin and stocks is greater than the correlation between bitcoin and gold.

In general it works like this:
Gold goes up when the USD goes down in value. People usually go into gold when they fear the monetary policy is failing somehow.
The initial stage is people selling stocks and moving to fiat and then to hard assets if the fear remains. That's why at first you see a selloff in stocks and then a drop in fiat value when people decide holding fiat is too risky and it's time to get ready for a longer winter.

Yes, bitcoin used to be considered a penny stock, but it matures. At first it was called a ponzi scheme, then treated like a volatile penny stock, then a risk on asset, alongside nvidia, meta and other tech companies, finally it's slowly building its image as digital gold. It takes time but we're getting there.

One thing you can be sure of is that they will have to print money and that will eventually pump all stocks and hard assets. That's why gold is already accounting for that and reaching new highs and that's why large banks are buying bitcoin or stocks of companies that hold bitcoin. For instance, Switzerland bought $150m of MSTR stock.

[Sonia_123]

SEC Chair Paul Atkins Discusses Plans For Clear Regulation In Crypto Industry
New SEC Chair Paul Atkins pushes for clearer crypto rules, aiming to fix past regulatory issues and support innovation in the industry.
https://coingape.com/sec-chair-paul-atkins-discusses-plans-for-clear-regulation-in-crypto-industry/
SEC Chair Paul Atkins addresses crypto industry at recent SEC roundtable.
Atkins acknowledges regulatory uncertainty "stifled innovation" in recent years.
New leadership shows a change toward clearer crypto regulation framework.
SEC Chair Paul Atkins has shown

[kryptqnick]

The appointment of Paul Atkins as the new SEC Chair looks like good news for the crypto market, especially after Gary Gensler’s tough rules. Atkins is pro-Bitcoin, which sounds nice. The US economy could use a business-friendly SEC chair right now. But as for Bitcoin, I agree with those pointing out that Bitcoin has been doing just fine, with or without the SEC's approvals. So it doesn't hurt to have Atkins there, but it's not particularly important either. Bitcoin is stronger than institutions.

[Abiky]

Bittrex  is not only closing its operations in the US market, but also announcing its closure globally. They did not specify the reason, but there are some rumors that it was not only because of the SEC   lawsuit but also because their market and trading volume decreased, making it difficult to do business.  So they're not going to come back into  the market just because the SEC has a new and pro-crypto chairman.

Binance has never shut down in the US market , they operate under a different domain called Binance.us and are dedicated to the US market. But their market share has dropped  significantly but I think the reason is because they are not a US exchange like  Coinbase ,  Kraken...

Wow. I guess Bittrex failed miserably in keeping itself afloat after closing its doors to US customers. Big exchanges such as Coinbase, Kraken, and Binance might've had a negative impact on its business. At least, we have plenty of options to choose from.

Regarding Binance.US, I think it stopped doing business in the US after CZ was fined and jailed during the Biden administration. It was part of the deal, anyways. CZ needed to assume responsibility of his wrongdoings, and start doing preparations to shut down US operations for good. Unless, things have changed and Binance opened its doors to US customers again. A good thing the US has a pro-crypto SEC chairman these days. Else, it would've been a nightmare for crypto exchanges operating in the country. The industry is relieved to have Gary Gensler step down from his role after Trump was sworn in as President of the US. Things will be sailing on smooth waters from now on. At least, within the next 4 years...

[fuguebtc]

Regarding Binance.US, I think it stopped doing business in the US after CZ was fined and jailed during the Biden administration. It was part of the deal, anyways. CZ needed to assume responsibility of his wrongdoings, and start doing preparations to shut down US operations for good. Unless, things have changed and Binance opened its doors to US customers again. A good thing the US has a pro-crypto SEC chairman these days. Else, it would've been a nightmare for crypto exchanges operating in the country. The industry is relieved to have Gary Gensler step down from his role after Trump was sworn in as President of the US. Things will be sailing on smooth waters from now on. At least, within the next 4 years...

The agreement between Binance, CZ and the Biden administration includes:


As for Binance: they admitted their wrongdoing, agreed to pay the fine, and complied with the supervision of the US government. The deal helps Binance avoid closure and continue operating in the US market . As for CZ : in addition to paying a personal fine, he also agreed to resign and serve a 4-month prison sentence.

Binance never stopped operating in the US market, they just stopped operating in Washington due to state regulatory pressure . But it's worth noting that, while Binance is still operating normally in the US and global markets, the SEC's lawsuits against them are not completely over .


https://cryptorank.io/news/feed/1cf6f-binance-us-exits-washington-state-as-regulatory-challenges-mount

[betswift]

The appointment of Paul Atkins as the new SEC Chair looks like good news for the crypto market, especially after Gary Gensler’s tough rules. Atkins is pro-Bitcoin, which sounds nice. The US economy could use a business-friendly SEC chair right now. But as for Bitcoin, I agree with those pointing out that Bitcoin has been doing just fine, with or without the SEC's approvals. So it doesn't hurt to have Atkins there, but it's not particularly important either. Bitcoin is stronger than institutions.

The best course would be that SEC just lets crypto space live on its own, that wouldn't hurt and give the space for something new to bloom

[Abiky]

The agreement between Binance, CZ and the Biden administration includes:


As for Binance: they admitted their wrongdoing, agreed to pay the fine, and complied with the supervision of the US government. The deal helps Binance avoid closure and continue operating in the US market . As for CZ : in addition to paying a personal fine, he also agreed to resign and serve a 4-month prison sentence.

Binance never stopped operating in the US market, they just stopped operating in Washington due to state regulatory pressure . But it's worth noting that, while Binance is still operating normally in the US and global markets, the SEC's lawsuits against them are not completely over .

https://cryptorank.io/news/feed/1cf6f-binance-us-exits-washington-state-as-regulatory-challenges-mount

Well, I'd expect the SEC to drop its lawsuits against Binance. The Trump administration is pro-crypto, anyways. If they dropped lawsuits against Ripple, they can do it with Binance. Behind the curtain, people say CZ operates Binance or gives orders to it. The current CEO has to satisfy the demands of Binance's founder. So you see, CZ is a powerful figure in the crypto industry.

I'm glad to know Binance's US operations are still up and running. As long as it doesn't turn into "FTX 2.0", we should have nothing to worry about. Who knows if new crypto exchanges enter the US market as a result of crypto-friendly regulations under Paul Atkins' leadership?

[betswift]

Well, I'd expect the SEC to drop its lawsuits against Binance. The Trump administration is pro-crypto, anyways. If they dropped lawsuits against Ripple, they can do it with Binance. Behind the curtain, people say CZ operates Binance or gives orders to it. The current CEO has to satisfy the demands of Binance's founder. So you see, CZ is a powerful figure in the crypto industry.

I'm glad to know Binance's US operations are still up and running. As long as it doesn't turn into "FTX 2.0", we should have nothing to worry about. Who knows if new crypto exchanges enter the US market as a result of crypto-friendly regulations under Paul Atkins' leadership?

If Binance turns into the FTX scenario, I don't know what to think of CEXes anymore It's like to say that BTC would be 300$ again one day.

[tygeade]

I'd expect the SEC to drop its lawsuits against Binance. The Trump administration is pro-crypto, anyways. If they dropped lawsuits against Ripple, they can do it with Binance. Behind the curtain, people say CZ operates Binance or gives orders to it. The current CEO has to satisfy the demands of Binance's founder. So you see, CZ is a powerful figure in the crypto industry.

I'm glad to know Binance's US operations are still up and running. As long as it doesn't turn into "FTX 2.0", we should have nothing to worry about. Who knows if new crypto exchanges enter the US market as a result of crypto-friendly regulations under Paul Atkins' leadership?

Binance is definitely operated by CZ, I am sure of it and I guarantee that he is still talking to the CEO everyday. However, Binance is already doing great at the moment, there aren't that many things that you need to add to Binance, you just have to realize that you are going to list and delist some coins/tokens but that's it, even if you just stay like this, they make billions.

So not like he has to do much, the team is doing most of the work, while I am sure he can still say whatever he wants to be done, but I am also sure that there aren't that many things that needs to be done anyways, so he probably doesn't do much but count his money And yeah, I agree that SEC will drop the charges, both because Paul and Trump being a pro-crypto person.

[Smack That Ace]

I'd expect the SEC to drop its lawsuits against Binance. The Trump administration is pro-crypto, anyways. If they dropped lawsuits against Ripple, they can do it with Binance. Behind the curtain, people say CZ operates Binance or gives orders to it. The current CEO has to satisfy the demands of Binance's founder. So you see, CZ is a powerful figure in the crypto industry.

I'm glad to know Binance's US operations are still up and running. As long as it doesn't turn into "FTX 2.0", we should have nothing to worry about. Who knows if new crypto exchanges enter the US market as a result of crypto-friendly regulations under Paul Atkins' leadership?

Binance is definitely operated by CZ, I am sure of it and I guarantee that he is still talking to the CEO everyday. However, Binance is already doing great at the moment, there aren't that many things that you need to add to Binance, you just have to realize that you are going to list and delist some coins/tokens but that's it, even if you just stay like this, they make billions.

So not like he has to do much, the team is doing most of the work, while I am sure he can still say whatever he wants to be done, but I am also sure that there aren't that many things that needs to be done anyways, so he probably doesn't do much but count his money And yeah, I agree that SEC will drop the charges, both because Paul and Trump being a pro-crypto person.

CZ is no longer CEO, but he remains Binance's largest shareholder, holding 90% of the shares. Not to mention, his wife Yi He, who is a co-founder and still works and holds the position of vice president of marketing at Binance. So there is no doubt that CZ is still the one running things at Binance.

But whether the SEC will drop the case against Binance remains a question mark. Because Binance or CZ are not US companies and citizens, unlike XRP or Coinbase...both are US companies. The Trump administration is open and friendly to crypto but they have made it clear that they will prioritize US companies and projects.

[NotATether]

I would have been inclined to say that this event is the main reason for Bitcoin's jump back to almost $100k a few days ago, but it looks like this happened last week and then some days ago. So I guess the market does not react to the SEC anymore.