On December 5, former President of the United States, Donald Trump, announced on the Truth Social platform that he would nominate Paul Atkins as the Chair of the U.S. Securities and Exchange Commission (SEC). Trump wrote in the post:

“I am pleased to announce the nomination of Paul Atkins as the next Chair of the Securities and Exchange Commission. Paul is a recognized leader in common-sense regulation. He believes that robust, innovative capital markets can meet the needs of investors and provide the capital that makes our economy the world's best. He also recognizes that digital assets and other innovations are crucial to making America great.”

The current SEC Chair, Gensler, is a hardliner, and his ambitious agenda has led to conflicts with Wall Street and the crypto industry. Atkins, on the other hand, believes that robust, innovative capital markets can meet investors' needs and provide funding to keep the U.S. economy ahead. The market expects Atkins to review multiple rules and enforcement actions under Gensler’s tenure, take a more moderate approach to cryptocurrency, and seek rule changes aimed at promoting capital formation.

After the news was announced, relevant concept tokens surged again. According to GMGN data, RSR rose by over 12%, reaching $0.0231. The RSR concept meme DTF also surged from $0.012 to $0.036, a short-term increase of 230%, before pulling back to $0.0176.

The Most "Crypto-Native" SEC Chair, Who is Paul Atkins?

Paul Atkins is a former SEC commissioner during the George W. Bush administration. He is known for his opposition to “imposing hefty fines on companies that violate securities laws” and had previously opposed the Dodd-Frank Act, which aimed to strengthen federal regulatory powers after the 2008 financial crisis.

In 2016, Atkins played a crucial role in Trump's post-election political transition team and had a significant influence on shaping Trump's laissez-faire attitude towards financial regulation.

Currently, Atkins still serves at Patomak Global Partners, a consulting firm he founded in 2009. Since 2017, he has also served as Co-Chair of the Token Alliance, an industry association advocating for digital assets and the blockchain industry.

The reason for the connection with RSR is that the community discovered Atkins had served as an advisor to the project.

Reserve founder Nevin Freeman had previously explained, "Paul is not currently actively involved in advising Reserve; he was just an early advisor to the project. But in our interactions, I was impressed by his open-mindedness, and his willingness to publicly associate himself with Reserve as an advisor shows his commitment and support for the cryptocurrency space."

Therefore, in a news aggregation account referencing Unchained's report, it was announced that after Trump's selection of Atkins to be the next SEC Chairman, the price surged.

Unchained's original news article stated, "According to three sources familiar with the matter, Trump has chosen cryptocurrency-friendly Paul Atkins to serve as SEC Chairman. One source noted that Trump has reached out to Atkins but is awaiting his formal acceptance of the appointment."

According to Coindesk, a source familiar with Atkins' thinking indicated that Atkins is hesitant about leaving his global consulting firm to clean up what he views as a poorly managed and bloated institution currently overseen by outgoing SEC Chairman Gary Gensler. Currently, compliance prediction platform Kalshi's data shows that the probability of Paul Atkins becoming the next SEC Chairman has risen to 88%.

Previously, FOX Business reporter Eleanor Terrett revealed that Trump is expected to announce his pick for SEC Chairman as early as today, suggesting that seasoned financial regulator and conservative financial industry behind-the-scenes strategist Paul Atkins is the most likely candidate. President-elect Donald Trump's transition team has also interviewed Paul Atkins, and two sources close to Mar-a-Lago have disclosed that among the senior members of Trump's transition team, former SEC Commissioner Paul Atkins is the most likely to be chosen as SEC Chairman.

SEC Chairs Pump Concepts

RSR

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

The main issue RSR seeks to address is volatility, as the volatility of cryptocurrencies has limited the market's expansion as a medium of exchange. Merchants have been reluctant to accept cryptocurrency due to fears of losing profits during market downturns. The Reserve Protocol provides the market with a stable store of value, medium of exchange, and deferred payment standard. Today, the focus of the Reserve Rights ecosystem is to help individuals, treasuries, and DAOs hedge against inflation.

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

DTF

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

Currently, DTF has a total market cap of $23.9 million and a 24-hour trading volume of $20 million.

XRP

XRP has surged fivefold in a month, reclaiming the third position in cryptocurrency market cap and returning to levels before the 2020 SEC and Ripple lawsuit, making this long-standing token one of the strongest performing altcoins in the recent market cycle.

Related reading: "XRP Reclaims Third Spot in Crypto Market Cap – What's Driving Its Meteoric Rise?"

Ripple is a real-time gross settlement system, currency exchange, and remittance network created by the American technology company Ripple Labs Inc. Ripple was released in 2012, 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 nearly free global financial transactions of any size, with no chargebacks."

After Trump took office, there were continuous developments in crypto-related policies, and the launch of XRP is closely related to the current SEC chairman's announcement of resignation. In December 2020, the SEC filed a lawsuit against Ripple and its two executives — CEO Brad Garlinghouse and co-founder Chris Larsen, accusing them of "conducting an unregistered securities offering of $1.3 billion," and this lawsuit has yet to reach a conclusion.

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 environment. When asked if the SEC would drop the lawsuit against Ripple, Giancarlo said, "I think they should… and I bet they will."

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