On the early morning of December 5th, Trump announced on Truth Social that Paul Atkins has been confirmed as the Chairman of the U.S. Securities and Exchange Commission. In his announcement, he wrote:

「I am pleased to announce the nomination of Paul Atkins as the next Chairman of the U.S. Securities and Exchange Commission.

Paul is an outstanding leader who advocates for common-sense regulation. He believes that strong and innovative capital markets can meet the needs of investors and provide capital support to drive our economy to be the strongest in the world. He also recognizes the vital importance of digital assets and other innovations in making America even greater.

Paul is the CEO and Founder of Patomak Global Partners, a consulting firm focused on risk management. Since 2017, he has served as Co-Chair of the Digital Chamber Token Alliance, dedicated to researching and advancing the digital asset industry. From 2002 to 2008, he served as a Commissioner of the U.S. Securities and Exchange Commission, during which he strongly advocated for transparency and investor protection. He holds a J.D. from Vanderbilt Law School and an A.B. from Wofford College, graduating with highest honors and is a member of Phi Beta Kappa.

Congratulations to Paul and his lovely wife Sarah and their sons Stewart, Peter, and Henry.」

Who is Paul Atkins?

Paul Atkins is a former SEC Commissioner during the George W. Bush administration, known for his opposition to "imposing large fines on companies violating securities laws" and his previous resistance to the Dodd-Frank Act that strengthened federal regulatory powers after the 2008 financial crisis.

In 2016, Atkins played a key role in the political transition team after Trump was elected president, influencing Trump's laissez-faire attitude towards financial regulation.

Currently, Atkins continues to serve at his consulting firm, Patomak Global Partners, which he founded in 2009. Since 2017, he has also served as Co-Chair of the Token Alliance, advocating for the digital asset and blockchain industry.

Congressman Tom Emmer stated that Paul Atkins has extensive experience in both the public and private sectors and is well aware that the "regulation through enforcement" approach is a failed strategy that has severely hindered innovation in the United States.

SEC Chairs Pump and Dump Concepts

RSR

Following the announcement of Paul being elected as SEC Chair by Trump, RSR experienced a short-term surge of 27%, with the price temporarily at $0.0231. The connection to RSR stems from the community's discovery that Atkins had previously served as an advisor to the project.

Meanwhile, Reserve founder Nevin Freeman once explained, "Paul is not currently actively involved in advising Reserve; he was just an early advisor to the project. However, in our interactions, his openness was impressive, and his willingness to openly serve as an advisor to Reserve shows his commitment and support for the cryptocurrency space."

Reserve Rights (RSR) is a dual-token stablecoin platform launched in May 2019 on the Huobi Prime platform. Reserve aims to establish a stable, decentralized stablecoin and digital payment system, with its stablecoin having features such as demand-pegged self-adjusting supply and 100% or more on-chain collateral backing.

The main issue RSR aims to address is volatility, as the volatility of cryptocurrency has limited its use as a medium of exchange. Concerned about potential profit loss during market downturns, merchants have been unwilling to accept cryptocurrency. The Reserve protocol provides the market with a stable value store, medium of exchange, and deferred payment standard. Today, the focus of the Reserve Rights ecosystem is to assist individuals, treasuries, and DAOs in hedging against inflation.

The total supply of RSR is 100,000,000,000 tokens, with a current market cap of $1,390,407,126 and a TVL of $278,254,588.

DTF

DTF is a meme coin that is not directly related to Reserve's Decentralized Token Folios protocol. Its full name is "Believe In Something," corresponding to the DTF website's slogan, "Stop trading, believe in something."

Currently, the total market value of DTF has reached $23.9 million, with a 24-hour trading volume of $20 million.

XRP

XRP has surged fivefold in a month, reclaiming the third position in the cryptocurrency market cap rankings, returning to levels before the 2020 SEC and Ripple lawsuit, making this veteran token one of the strongest performers in the recent altcoin rally.

Related Reading: "XRP Returns to Third Place in Crypto Market Cap, What Is Driving Its Surge?"

Ripple is a real-time gross settlement system, currency exchange, and remittance network created by the American technology company Ripple Labs Inc. Ripple was launched in 2012 and is based on a distributed open-source protocol that supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value. It claims to be able to achieve "secure, instant, and near-zero-cost global financial transactions of any size, with no chargebacks."

Since Trump took office, there have been continuous crypto-related policies, and the launch of XRP is closely related to the current SEC chairman's announcement of resignation. The SEC filed a lawsuit against Ripple and its two executives—CEO Brad Garlinghouse and co-founder Chris Larsen—in December 2020, alleging "conducting $1.3 billion in unregistered securities sales," and this lawsuit has not yet been finalized.

On December 1, former CFTC Chairman Chris Giancarlo stated in an interview that the SEC should reconsider its actions, especially considering recent legal outcomes and the changing regulatory landscape. When asked if the SEC would drop the Ripple lawsuit, Giancarlo said, "I think they should...I bet they will."

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