With the appointment of Paul Atkins as the new chairman of the U.S. Securities and Exchange Commission (SEC), cryptocurrency regulatory reform has become the focus of global financial markets. However, recent actions by the Trump family in the crypto business have subjected the SEC's independence and fairness to unprecedented political pressure. Authoritative media such as Forbes reported that Eric Trump, son of Donald Trump, plans to attend the Token2049 conference alongside TRON founder Justin Sun and World Liberty Financial (WLFI) co-founder Zack Witkoff, while the "TRUMP Dinner" led by Trump himself has also sparked heated discussions.
The "High-Profile" Moves of the Trump Family in Crypto Business
In recent years, the Trump family has been active in the cryptocurrency space, with their supported decentralized finance (DeFi) project World Liberty Financial (WLFI) gaining significant attention since the end of 2024. According to Forbes, WLFI completed a public sale of 20 billion tokens in January 2025, with the price rising from $0.015 to $0.05, indicating strong market demand. Justin Sun, as the largest single investor in WLFI, has invested a total of $75 million and serves as a strategic advisor, with his TRON ecosystem deeply integrated with WLFI. In January 2025, the Trump family reportedly earned about $400 million through WLFI and the related meme coin TRUMP, a figure that drew sharp criticism from U.S. Senator Chris Murphy, who referred to it as "Trump's private Venmo," implying a risk of conflict of interest.
Eric Trump's high-profile participation further ignited controversy. He plans to share the stage with Justin Sun and others at the Token2049 conference in April 2025 to discuss the future development of cryptocurrency. Meanwhile, Trump's "TRUMP Dinner" is interpreted by the public as a symbol of the intertwining of politics and business.
SEC Reform: A Dual Challenge of Opportunity and Political Pressure
Paul Atkins was confirmed as the new SEC chairman by the Senate on April 9, 2025, with a vote of 52 to 44. As a supporter of cryptocurrency and a former SEC commissioner, Atkins has pledged to establish a clear regulatory framework for digital assets, replacing the tough enforcement style of former chairman Gary Gensler. After taking office, he quickly took action, stating at a crypto roundtable on April 26 that he would work with the Trump administration and Congress to promote a "reasonable and targeted" regulatory framework. Additionally, under the leadership of acting chairman Mark Uyeda and commissioner Hester Peirce, the SEC has formed a cryptocurrency working group aimed at providing clear registration pathways and disclosure frameworks.
However, the Trump family's crypto business casts a political shadow over the SEC's reform efforts. X user @HashNewsHK pointed out that the SEC faces new political pressure due to its relationship with the Trump family, raising concerns that it may favor politically connected projects. For instance, the rapid development of WLFI and its close ties to the Trump family have led some observers to question whether the SEC will be lenient in its enforcement. Although U.S. Senator Cynthia Lummis discussed digital asset legislative reform with Atkins, she also hinted that the SEC needs to "trim down" to eliminate public concerns about political interference.
Conflict of Interest and the Crisis of Regulatory Credibility
The independence of the SEC is the cornerstone of its global influence, but the Trump family's crypto business has sparked widespread discussions about conflicts of interest. Forbes reported that Justin Sun's investment and advisory role in WLFI not only brings substantial profits to the Trump family but also positions him as a "guest of honor" in the Trump administration. This intertwining of politics and business puts the fairness of the SEC's enforcement to the test. If the SEC is perceived as being too lenient towards projects like WLFI, its regulatory credibility may be compromised, thereby weakening the U.S.'s leadership in global digital asset regulation.
Atkins faces the challenge of balancing reform with fairness. He promised during his Senate confirmation hearing to remove political factors from securities law, emphasizing a market innovation-oriented regulatory approach. However, X user @rickawsb commented that Atkins's appointment marks a shift of the SEC from an "enforcement era" to an "innovation era," which requires him to maintain neutrality under political pressure. If the SEC becomes mired in partisan disputes, even with good intentions for reform, it may stagnate due to a lack of credibility.
Cautious Optimism and Future Outlook
Despite the heavy political pressure, the crypto industry remains cautiously optimistic about the SEC's reform. Atkins's professional background and pro-crypto stance are seen as significant positives. He previously served as co-chair of the Digital Chamber's Token Alliance and led the release of the "Understanding Digital Tokens" report, providing a reference for global digital asset governance. Industry insiders hope that the SEC will introduce clear regulatory rules in 2025 to address jurisdictional overlaps with the Commodity Futures Trading Commission (CFTC).
However, the shadow of conflicts of interest may overshadow Atkins's reform achievements. According to Tonghuashun Finance, Trump himself has emphasized the need for clear regulation in the crypto industry, and Atkins is viewed as the best candidate. Yet, if the SEC cannot shake off allegations of political favoritism, its reforms may yield little result. The crypto community calls on Atkins to rebuild the SEC's credibility through transparent enforcement and open communication.
Conclusion: Key Choices on the Path to Reform
2025 is a critical year for cryptocurrency regulation in the U.S. Paul Atkins bears the heavy responsibility of modernizing the SEC while also facing the political pressure brought by the Trump family's crypto business. If he can adhere to the principle of fair enforcement, the SEC is likely to reshape the global digital asset regulatory landscape; however, if it becomes entangled in partisan disputes, the momentum for reform may fizzle out. While the crypto industry looks forward to change, it is also closely monitoring every move of the SEC. In the coming months, Atkins's choices will determine whether the SEC can break through the controversies and regain its global leadership in the regulatory field.
This article represents the author's personal views and does not reflect the position or views of this platform. This article is for informational sharing only and does not constitute investment advice for anyone.
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