Michael Saylor: The new SEC chairman "will be beneficial for Bitcoin (BTC)"

CN
8 hours ago

Source: Cointelegraph Original: "{title}"

Michael Saylor, CEO of Strategy (formerly MicroStrategy), the world's largest corporate Bitcoin (BTC) holder, expressed support for the new Chairman of the U.S. Securities and Exchange Commission (SEC), Paul Atkins.

In a post on X on April 23, Saylor wrote, "SEC Chairman Paul Atkins will be good for Bitcoin." This statement came after Atkins was sworn in as the 34th chairman of the SEC on April 21.

Blue Macellari, head of digital assets at investment firm T. Rowe Price, also gave a positive assessment of Atkins' appointment in a recent interview with Bloomberg. She expressed optimism and noted that the SEC's approach has changed under the new leadership, particularly regarding cryptocurrency-related information, including holding "nearly six to seven roundtable discussions" with industry professionals. She stated:

Vincent Liu, Chief Investment Officer of cryptocurrency investment firm Kronos Research, told Cointelegraph, "Under Chairman Atkins' leadership, the finalization of digital asset custody rules is expected to provide the investor protections that institutional investors need." Other issues expected to be addressed include clarifying whether certain digital assets are securities or commodities.

By the end of 2024, following Atkins' appointment by President Trump, representatives from the cryptocurrency industry expressed their appreciation. Katherine Dowling, Chief Legal Officer of Bitwise Asset Management, stated at the time that this was an "excellent choice," while Ripple Labs CEO Brad Garlinghouse remarked that he "would bring common sense back to the agency."

However, not everyone is satisfied with this choice. Massachusetts Senator Elizabeth Warren stated during Atkins' nomination hearing that he exhibited "stunning judgment failures" during his tenure as an SEC commissioner before the 2008 financial crisis. Atkins served at the agency from 2002 to 2008.

She also questioned his consulting firm, Patomak Global Partners, which provided consulting services to cryptocurrency exchange FTX before its collapse in 2022. Warren said:

Liu stated, "To maintain public trust and avoid the appearance of regulatory conflicts of interest, it is crucial to establish clear safeguards." These safeguards should include mandatory disclosure of prior industry relationships, ethical oversight, and a transparent public comment period for all cryptocurrency rules.

Warren also wrote to Atkins at the end of March, indicating that due to his connections to the cryptocurrency industry through Patomak, he should expect inquiries regarding his potential role in the agency. According to public ethics documents released before the Senate confirmation hearing, Atkins disclosed that his personal and family financial portfolio was valued at over $327 million prior to his appointment.

Similarly, a notice submitted by Trump's "czar" of artificial intelligence and cryptocurrency, David Sacks, in early March indicated that his venture capital firm sold over $200 million worth of cryptocurrencies and related stocks before taking office.

Related: European Central Bank (ECB) warns that U.S. push for cryptocurrency could trigger financial contagion risks.

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