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Trump to Name 'Crypto Czar' as SEC Chair; Paul Atkins Leads Candidates

Dec 3, 2024, 05:41 AM

President Donald Trump is reportedly planning to appoint a "Crypto Czar" as part of his administration's pro-cryptocurrency stance, with Bitcoin reaching record highs since his election. Sources indicate that Trump's selection to replace Gary Gensler as the Chair of the Securities and Exchange Commission (SEC) could be announced as early as tomorrow, according to Fox Business reporter Eleanor Terrett. Former SEC Commissioner Paul Atkins is considered a leading candidate, with a 70% chance of appointment, known for opposing "regulation-by-enforcement" approaches. Other potential candidates include Robinhood's Chief Legal Officer Dan Gallagher and Willkie Law Firm Partner William McLucas. Trump is also reportedly considering the Commodity Futures Trading Commission (CFTC) to take a lead regulatory role in crypto. Howard Lutnick, Trump's Commerce Secretary nominee, has connections to Tether, with Cantor Fitzgerald managing their reserves; he has been referred to as Tether's "go-to guy." Robert F. Kennedy Jr. remarked, "Bitcoin...will have no stronger advocate than Howard Lutnick." Trump's administration is notable for its engagement with digital assets, with figures such as JD Vance holding over $250,000 in Bitcoin and Tulsi Gabbard investing in Ethereum and Litecoin since 2017. The administration's moves suggest a significant shift towards embracing cryptocurrency within federal regulatory bodies.