Paul Atkins, Donald Trump’s pick to lead the SEC, is linked to the FTX’s collapse which has sparked debates within the community. His consulting firm, Patomak Global Partners advised FTX and is listed as a creditor in its bankruptcy. Despite acknowledging Sam Bankman-Fried’s fraud, Atkins partly blamed the unclear US crypto regulations for FTX’s downfall as per Bloomberg report.
According to the report, Atkins believes that the unclear and strict US crypto policies by the SEC, drive the companies overseas and create risks. The crypto community resonates with this sentiment as the community has been asking for clearer crypto regulations for a long time now as the current regulations have hindered innovation within the industry.
Crypto Community Supports Paul Atkins
The crypto community was very excited when Paul Atkin’s nomination was announced on Truth Social. Shortly after, Bitcoin also hit the most anticipated $100,000 mark. His Token Safe Harbor Act has also been appreciated by the community members as it provides developers time to comply with securities law.
Advertisement
Critics on the other hand, argue that Paul Atkins might get too friendly and lenient with the crypto industry and fear that Atkins may relax regulations which can give rise to more scams and fraudulent activities.
Paul Atkins faces a tough situation ahead as he needs to establish rules that help crypto industry grow while also protecting consumers from potential harm.
Advertisement
Also Read:Crypto Community Calls Ripple CEO on Joe Rogan’s Podcast
