Three things to know about a ride
Donald Trump vs. Warren Buffett: Who will we trust when the SEC commissioner becomes the Wall Street commissioner? A Post by Donald Trump on Truth Social
Some consumer groups are worried that Atkins will adopt a far looser regulatory approach for Wall Street and they are not happy about it.
Gensler said on Thursday he would resign on Jan. 20, when Trump is inaugurated. It’s a widely anticipated move, given that SEC chairs typically resign when a new administration comes to power.
“Paul is a proven leader for common sense regulations,” Trump said in his Truth Social post. “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. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
The pro-business stance of the SEC commissioner is known by him. He is the CEO of Patomak Global Partners, and they have clients in the financial and criptoion industries.
A post on Truth Social by Donald Trump claimed that he has picked a Securities and Exchange Commissioner to be the head of the agency.
Cryptocurrencies: Where do we stand in the cryptocurrency market? How do we see it now, and what will we learn from it?
The price of cryptocurrencies almost broke the $100,000 mark in late November but then pulled back, following a surge since Trump’s election.
The industry spent millions to help people get elected to Congress. Those efforts included helping Republican Bernie Moreno, a businessman who has expressed support for cryptocurrencies, defeat Democratic Sen. Sherrod Brown in Ohio. The chairman of the Senate Banking committee is skeptical about cryptocurrencies.
The risks of increased volatility as well as financial crises are caused by the fact that cryptocurrencies might become integrated into the country’s financial system if regulations are loosened.
The industry has also seen spectacular implosions. FTX, once the world’s biggest crypto exchange, collapsed in 2022. Its founder and CEO, Sam Bankman-Fried, was convicted of fraud for stealing billions in customers’ money. Bankman-Fried was sentenced to 25 years in prison.
In addition to the appointment of a crypto-friendly SEC head, the industry could also benefit from a Republican Congress. The GOP is set to control both the House and the Senate with narrow majorities. The incoming Congress was shaped by the millions of dollars the industry spent to defeat lawmakers like Democratic Ohio Senator Sherrod Brown, who lost his reelection bid in November.
“There’s little doubt that the Trump administration, and the regulators that he’s going to appoint, and probably Congress under the control of Republicans, are going to unleash an unregulated crypto industry on Americans,” said Dennis Kelleher, a crypto skeptic who’s president and CEO of the advocacy group Better Markets.
The swiftness of the bitcoin rally over the past couple of weeks has investors hoping for further gains. They are also optimistic because of Trump and the Republican Congress.
Bitcoin is becoming more mainstream, especially since earlier this year when SEC Chair Gensler reluctantly approved the launch of investment funds tied to bitcoin (called exchange-traded funds) that can be held by average investors.
The billionaires who are getting rich through speculators and gamblers withcryptocurrencies have a top priority. There are a lot of them getting rich because of their criminal activities, such as moneylaundering, financing terrorists, and tax evasion.
The money is coming from people who think this new financial product has some value, when it really is nothing but a vehicle for speculation,” he said.
Keller believes that a coming catastrophic financial crash will be worse than the 2008 global financial crisis. It’s only a matter of time.
