Paul Atkins
Paul Atkins talks about regulations at CoinMarketCap's The Capital conference in Singapore, November 2019. The Capital '19: Fireside Chat with Paul Atkins, Former Commissioner, U.S. SEC | YouTube CoinMarketCap YouTube / Screenshot

KEY POINTS

  • Sen. Scott said he believes Atkins will "provide the long overdue clarity on digital assets"
  • Sen. Moreno said he expects Atkins to become "the greatest" SEC chief as long as he doesn't follow in Gensler's footsteps
  • Gary Gensler was trending on X overnight after Moreno called him one of the "stupidest people in government"

The U.S. Senate has confirmed Trump-nominated Paul Atkins to lead the Securities and Exchange Commission (SEC), triggering a wave of celebrations across the cryptocurrency community for what could be the first-ever pro-innovation SEC Chair.

Senate confirmed Atkins on Thursday, with Republican leaders praising his background and saying they believe he will be a much better SEC leader than his predecessor, Gary Gensler, who was trending overnight on X following news of Atkins's confirmation.

GOP senators confident Atkins will overhaul SEC for the better

Republican senators expressed much confidence that Atkins, a prominent businessman and the former CEO of Patomak Global Partners, will be able to deliver the much-needed changes within the country's top financial regulator.

Ahead of the confirmation, Sen. Tim Scott of South Carolina, said he believes Atkins "will roll back the Biden administration's disastrous policies" and promote "capital formation and retail investment opportunities."

He also specifically said he expects Atkins to "provide the long overdue clarity on digital assets, ensuring that American innovation does not fall further behind."

Sen. Bernie Moreno of Ohio gave a piece of advice to Atkins as he takes over from Acting Chari Mark T. Uyeda.

"You just have to be able to breathe and not be a complete raging lunatic and you'll be the greatest SEC Commissioner compared to the last guy," he said, taking a swipe at Gensler.

Crypto community celebrates Atkins's confirmation

Over in the crypto community, crypto holders, advocates, and leaders are over the moon.

Blockchain and crypto advocacy non-profit Stand With Crypto said it is looking forward to Atkins's leading the SEC, noting that his confirmation is "a monumental change from the previous chair."

The Crypto Council for Innovation had a similar statement, saying Atkins is committed to market integrity and "recognizes the potential of digital assets to enhance economic growth."

Coinbase Chief Legal Officer Paul Grewal said Atkins's entry into the Wall Street regulator is "a refreshing change from the past."

Gensler called "one of the stupidest"

While celebrations are ongoing in the crypto space, Gensler was trending overnight following a statement from Moreno regarding the former SEC chief.

He said Gensler was "objectively, probably one of the stupidest people in government."

Many crypto users said they agree with Moreno's statements, but there were also others who pointed out that while Gensler may have been quite frustrating for the crypto industry, he wasn't so stupid.

"Sounded stupid but he was not stupid. He had an agenda which was hard to read," said one user.

For crypto streamer Crypto Tea, Gensler isn't really stupid but he could have been "evil."

Gensler is currently a professor at MIT, which has consistently been in the top ranks of the world's Top 100 universities over the years.

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