Other candidates for the SEC chain position are crypto lawyer Teresa Goody Guillen and former CFTC chair Heath Tarbert. Reserve Rights token (RSR), despite Atkins’ limited involvement in the project, surged on speculation about his nomination. Jorge Tenreiro has also been promoted as SEC’s Chief Litigation counsel. He is well-known for being involved in high-profile cases involving crypto.
Paul Atkins hesitant to step in as SEC chair
According to reports, Paul Atkins is the frontrunner for SEC chair under Donald Trump. Atkins was a former SEC Commissioner and founded Patomak Global Partners. Insiders say that Atkins is hesitant to accept the position because it will require a lot of work to revamp the SEC after the mismanagement of outgoing SEC chair Gary Gensler.
Despite the support of people such as former CFTC Chairman Chris Giancarlo Atkins remains reluctant to leave his consultancy firm. The company specializes in regulatory and compliance, with crypto clients included. It may depend on whether his company is ready to function without him.
There are other candidates under consideration. Teresa Goody Guillen, a crypto attorney who has worked on SEC cases and received support from Binance’s Changpeng Zhao as well as Cardano Charles Hoskinson is a contender for the position due to her strong pro-crypto views and SEC experience. Brian Brooks was a Web3 advocate’s favorite but now faces challenges due to his lack of experience with securities law.
Circle’s Heath Tarbert is also in this mix. He was a former CFTC chair, and he has been joined by traditional securities attorneys like Brad Bondi, Norm Champ, as well. Their lack of strong connections to the crypto-community could be a problem.
Robert Stebbins or Dalia Blass are two other candidates who have been criticized. They were both criticized for their involvement in SEC enforcement against crypto companies including Ripple. Crypto community also has concerns about candidates who have similar regulatory philosophy to Gensler and prefers people with a crypto-friendly attitude.
Mark Uyeda, a Republican SEC commissioner who is a vocal advocate for crypto innovation, has reportedly declined to take on the role of acting chair if a Senate confirmation does not occur by January 20. Hester Pierce who is a vocal proponent of crypto-innovation has reportedly turned down the position.
The Trump Administration’s preference for a softer regulatory touch may make the market of digital assets even more intriguing. SEC also needs to fill an open commissioner’s seat.
Kalshi puts Paul Atkins’ odds of being Trump’s SEC chair at 93%
Various media outlets have reported varying probabilities that Paul Atkins will take over as SEC chair. Kalshi, a prediction platform, recently put Atkins’ chances of being nominated at 93%. They then dropped to just below 90%. Trump still hasn’t announced the official choice despite these odds.
Politico reports that Atkins met Trump’s staff after being invited to an interview. Trump usually announces his decisions for the administration on Truth Social. However, no confirmation regarding the SEC Chair has been made. If selected, Atkins will still require formal nomination in January and confirmation by a narrowly Republican-controlled Senate.
Trump promised to replace Gary Gensler as SEC chair, who is stepping down at the Inauguration. Gensler was a controversial figure in the crypto-industry, with critics accusing the SEC’s of regulatory and enforcement overreach. New chair has the power to influence policies that affect digital assets. This is an important issue, as it will prevent companies from moving overseas.
RSR Token Rallies Paul Atliks SEC Rumblings
Reserve Rights (RSR), a token that represents Reserve Rights Foundation, saw a significant price increase due to speculation about Donald Trump’s expected nomination as SEC chair. Rumors in the crypto community indicated that the price surge of the Reserve Rights (RSR) token could be linked to Trump’s possible appointment of Paul Atkins who served previously as an adviser to Reserve Rights Foundation.
Nevin Freeman, the CEO and co-creator of Reserve, clarified after Atkins was named a top candidate to be SEC chair that Atkins no longer consults on the project. Freeman said that Atkins was a consultant to Reserve in its initial stages, and he admires Atkins’ openness towards crypto. Atkins’ role as an advisor to Reserve has also been made transparent by Atkins.
Atkins’ position as the leading candidate for the SEC’s role played a significant part in the price increase of RSR. According to CoinMarketCap, the price of RSR rose by as much as 88% on Dec. 3. It even reached a record high for a long time, $0.017.
The price of RSR over the last week (CoinMarketCap )
RSR is far below the $0.11 high that it reached in April 2021. To reach that price, it would still need a rise of 500+%.
Jorge Tenreiro Named SEC Chief Litigation Counsel
Jorge Tenreiro is the U.S. SEC’s acting head of its crypto and cyber unit. He has taken on the role as the chief litigation counsel of the SEC just weeks before Donald Trump assumes office. Tenreiro is now in charge of the SEC Division of Enforcement’s lawsuits and investigation. Tenreiro can earn up to $300,000 per year in this position.
Tenreiro replaced Olivia Choe who had left the SEC to become a Milbank LLP partner in July. Tenreiro’s tenure as chief litigation attorney begins in a crucial time as Trump has pledged to lessen regulatory scrutiny on the crypto industry. Tenreiro was deputy chief for the crypto assets unit and cyber since October 2022. He became acting chief after David Hirsch in June.
Tenreiro was a key player in the SEC’s high-profile lawsuits brought against prominent crypto companies, such as Coinbase, Ripple, Kraken and Coinbase. Tenreiro was involved in legal cases against Justin Sun, the founder of Tron, and the SEC’s battles with FTX. The SEC signed a $4.47-billion settlement in June, the largest ever, for the SEC, against Terraform Labs, and Do Kwon its CEO.
His tenure was not without controversy. Two SEC lawyers resigned after the SEC was sanctioned for misleading a judge in its Debt Box case. Tenreiro has been criticized by many in the crypto-industry, including John Deaton. Deaton warned companies not to hire him when he left the SEC.
Tenreiro was promoted at the same moment as the crypto unit underwent other changes. Mark Sylvester, who was the former deputy director of Jaime Lizarraga’s office and Laura D’Allaird’s counsel, were named as co-chiefs for the cyber and crypto unit.
