President-elect Donald Trump has introduced a major shift in the leadership of the U.S. Securities and Exchange Commission (SEC) by selecting Paul Atkins, a recognized supporter of cryptocurrency, as his nominee for chairman.

This announcement comes in the wake of Gary Gensler’s resignation on November 21, marking the end of a tenure noted for its strict regulatory approach to digital assets.

In a December 4 post on Truth Social, Trump praised Atkins for his extensive background in financial regulation and his forward-thinking approach to crypto. “Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World.” Trump wrote.

Moreover, Atkins isn’t new to the SEC—he served as a commissioner from 2002 to 2008, where he focused on making financial systems more transparent and safeguarding investors. His nomination signals a fresh direction for the SEC, aligning with Trump’s campaign promise to embrace the potential of cryptocurrency.

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Donald Trump's recent actions and promises surrounding cryptocurrency have gained significant attention, particularly within the crypto community, due to the major expected effects these moves may have on the market if applied

For instance, Trump has vowed to establish a “Bitcoin and crypto Presidential Advisory Council” to create transparent regulations for the industry​

Additionally, he has proposed to eliminate capital gains taxes on cryptocurrency transactions, which would significantly benefit crypto investors​

​His vision also includes making the U.S. the "crypto capital" of the world by fostering innovation and attracting foreign investments​

With such steps, Trump is positioning himself as a strong advocate for digital assets, aiming to shape a more favorable regulatory environment for the crypto sector.