Trump nominates cryptocurrency-friendly Paul Atkins as SEC chairman, Bitcoin surges over a thousand dollars during trading

Trump nominated a former U.S. Securities and Exchange Commission (SEC) official with a friendly attitude towards cryptocurrencies to lead the regulatory agency, causing Bitcoin to quickly rebound during trading.On Wednesday, December 4th, Eastern Time, Trump announced the nomination of Paul Atkins, who served as an SEC commissioner during George W. Bush's presidency, as the next SEC chairman. Following the announcement, Bitcoin, which had hit a daily low at the beginning of Wednesday's U.S. stock market midday, accelerated its rebound.According to CoinMarketCap's aggregated Bitcoin trading data from multiple cryptocurrency exchanges, after Trump's nomination was announced, Bitcoin stabilized above $95,000 and climbed back above $95,700, rebounding over $1,000 from the intraday low of below $94,700, erasing the recent 24-hour decline and showing a slight increase over the past 24 hours.If Trump's nomination is confirmed, Atkins will succeed current SEC Chairman Gary Gensler after Trump takes office. Gensler stated last month that he plans to step down on January 20th, the day Trump is sworn in.Gensler's departure is seen as a positive development for the cryptocurrency industry. Since taking office as SEC chairman in 2021, he has implemented aggressive reform measures, focusing on requiring companies to disclose climate risks, reforming stock trading rules, and cracking down on violations in the cryptocurrency sector, launching a severe crackdown on the chaos in the cryptocurrency industry.Gensler's ambitious reform actions have sparked strong resentment from Wall Street and the cryptocurrency industry. Industry insiders believe that Gensler has not provided a truly fitting approach for the characteristics of this emerging asset class, allowing cryptocurrencies to develop reasonably under the existing regulatory framework based on traditional financial structures established decades ago.Atkins served as an SEC commissioner from 2002 to 2008 and was previously a popular candidate for SEC chairman. He founded and currently serves as CEO of the strategic and risk management consulting firm Patomak Global Partners. His leadership of the SEC is viewed positively by the cryptocurrency community.According to the personal biography on Patomak Global Partners' official website, since 2017, Atkins has been dedicated to developing best practices for digital asset issuance and trading platforms as co-chair of the advocacy organization Token Alliance for the crypto industry.Atkins has served as an advisor to the decentralized finance platform Reserve Rights Foundation, which issues the token RSR. Nevin Freeman, co-founder and CEO of Reserve, stated that Atkins provided guidance during the early stages of the Reserve project. Freeman expressed hope that if Atkins is appointed SEC chairman, he will bring a fair approach to rule-makingIn addition to supporting cryptocurrency, Atkins has also criticized some financial reforms implemented by the U.S. government after the 2008 global financial crisis. For example, he has criticized the Dodd-Frank Act for placing excessive burdens on the banking industry.In a statement announcing his nomination on Wednesday, Trump referred to Atkins as a recognized regulatory leader."He believes that strong and innovative capital markets can meet the needs of investors and provide the capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are crucial to making America greater than ever before."Commentators say that if his nomination is confirmed, Atkins is expected to focus on reducing regulation and easing penalties for violations. Tyler Gellasch, president of the financial industry organization Healthy Markets Association, remarked that Atkins "is the godfather of conservative capital market ideology and a mentor to a generation of policymakers," and no one is better connected or more capable of leading the reduction of SEC regulations than he is