Washington will soon have a new Wall Street Sheriff. After all Gunsmokes have been cleaned up at Capitol Hill.
Longtime securities attorney Paul Atkins is expected to pass a confirmation hearing next week as chairman of Donald Trump's Securities and Exchange Commission.
Nevertheless, my sources with ties to both parties say he is facing potentially fussing procedures surrounding his pro-cryptic attitudes and how he will implement Trump's plans to settle sectors that took over intense heat during the Biden era.
The problem with Crypto is that defenders are very active on social media and are an industry that is highly aggressive in throwing money at Trump during the 2024 presidential election, but surpasses that weight. As everyone knows, there is a lot of speculation about digital coins like Bitcoin and Ethereum.
This is a business worth nearly $3 trillion and is unlikely to prove practical. Coins are attached to a technology known as “blockchain” and are designed to trade business in a cheaper and seamless way. But when did you buy a cup of coffee using blockchain or encryption?
Money laundering is also available. Crypto is one of the favorite trading modes of global criminal underworld transactions, no matter how many siblings they hold in the US, and Trump wants to have fewer regulatory eyeballs.
So there are many disconnects Atkins has to explain, especially as Massachusetts' progressive fire brand, Sen. Dem on the Banking Committee.
Trump's conversion to the code brothers may also appear. Recall: After throwing shade into the digital coin business, Trump vows to make the US the world's crypto capital. He saw the opening amid Biden-era votes (about 50 million holders) and campaign money crackdown.
We don't know how many brothers rushed to vote for Trump, but the industry is throwing millions of dollars in terms of campaign cash.
For the industry, it's time to collect it. Atkins, who was also the SEC commissioner during President Bush 2, is a free market type and professional code. Even before Atkins' confirmation, SEC Crypto's enforcement cases have fallen left and right since Trump took office.
Brad Garlinghouse, CEO of Cross-Border Crypto Payments Company Ripple, posted to X that the SEC has decided to remove the majority of long-term lawsuits against his company regarding the status of the XRP token created by the platform's founders.
Records show that Gerlinghouse has been a long-standing contributor to both Democrats and Republicans at the national level, but he also shows that, if more is worth it today, he donated $5 million of XRP to Trump before the first few months, if it is worth more.
As I said, there are strong signs that Atkins will easily pass the hearing. This is usually a snoozer when it comes to SEC. But the code potholes he might face may be worth listening.
