Pro-XRP lawyer and U.S. Senate Candidate John Deaton highlights four things the next SEC Chair must do for the crypto industry on his first day in office.
Deaton’s demands follow reports suggesting that U.S. President-elect Donald Trump has nominated a new chair for the Securities and Exchange Commission (SEC).
Trump Nominates Paul Atkins as Next SEC Chair
Yesterday, Trump announced the nomination of former SEC commissioner Paul Atkins to replace Gary Gensler as the next SEC Chair. The announcement, made via a Truth Social post, comes weeks after several reports highlighted Atkins as the top candidate for the position.
Despite initially hesitating to take up the job due to the massive efforts required to restore the SEC’s gold standard, which many believe Gensler destroyed, Atkins finally accepted the nomination shortly after meeting with Trump’s transition team earlier this week.
Upon accepting the role, Trump published a Truth Social post emphasizing that Atkins would serve as the next SEC Chair under his administration.
Four Things Atkins Must Do on Day One
Following the nomination, Attorney Deaton highlighted four major things Atkins must do on his first day in office to show he is the right candidate for the position.
Address DEBT Box Saga
First, Deaton recommended that the next SEC Chair address the Debt Box issue and fire everyone involved in the saga. This incident revolves around the SEC’s lawsuit against crypto-related firm Digital Licensing Inc., commonly called DEBT Box.
Counsel to the SEC admitted to misleading the court in securing a Temporary Restraining Order (TRO) against the company. Consequently, the judge dismissed the lawsuit based on the SEC’s request and ordered the commission to pay DEBT Box’s legal fees of $1.8 million.
Although some SEC lawyers resigned following the DEBT Box saga, Attorney Deaton is asking the next SEC Chair to sack everyone involved.
Overhaul at the SEC
Second, Deaton requested that Atkins sack or demote any SEC staff appointed into key leadership roles by Gensler, whom he labeled a bad-faith regulator.
According to Deaton, the next SEC Chair should carefully select his team members who will align with Trump’s vision of making America the Crypto Capital of the world.
Clarity for Self-Custody and DeFi
For the third demand, Deaton suggested that Atkins clarify that decentralized finance (DeFi) and self-custody are not subject to the SEC’s regulatory purview.
This clarification would mark a significant shift from Gensler’s approach, which has seen him give the securities tag to almost everything relating to crypto. It bears mentioning that a part of Trump’s campaign promise involves protecting the right to self-custody.
Disband the Crypto Unit
Lastly, the U.S. Senate for Massachusetts at the just-concluded election further urged the newly appointed SEC Chair to disband the Crypto Unit at the securities agency, which focuses mainly on cryptocurrencies.
According to Deaton, there is no need for a dedicated Crypto Unit at the SEC. Instead, he recommended that the new chairman establish a general fraud unit at the commission that will tackle all fraudulent activities across various sectors, including crypto and the securities market.
In the meantime, the crypto market is still reacting positively to Atkins’ nomination as SEC Chair due to his pro-Bitcoin stance. Bitcoin is still trading above the $100,000 mark, with the asset currently priced at $102,943.
Bitcoin 1D Chart
Read the full article here
