Saturday, February 8, 2025

Crypto Rally: Bitcoin and Ethereum Surge After Trump’s SEC Nomination

Reuters Yonhap
Reuters Yonhap

President-elect Donald Trump nominated Paul Atkins as the chair of the Securities and Exchange Commission (SEC).

Atkins, a well-known deregulation advocate, is the founder and CEO of risk consulting firm Patomak Global Partners and has previously served as an SEC commissioner.

Current SEC Chair Gary Gensler has stated he will step down in January when President Joe Biden’s term ends, under Trump’s threats of dismissal.

If the Senate confirms, Atkins will reverse many of Gensler’s policies as the new SEC head.

While Gensler sought to tighten regulations on Wall Street firms after the financial crisis, Atkins is likely to pursue deregulation in line with Trump’s agenda.

He is also expected to reduce the hefty penalties that became a hallmark of Gensler’s SEC.

According to Barron’s, Atkins was a Republican SEC commissioner from 2002 to 2008. During his tenure, he criticized companies for paying large fines to settle SEC lawsuits, arguing that such penalties ultimately harm shareholders’ interests.

Atkins is also known for his pro-cryptocurrency stance.

He opposes Gensler’s SEC classification of cryptocurrencies as securities and is expected to implement Trump’s promise to limit SEC interference in the crypto market.

Following the news of Atkins’ nomination, cryptocurrency prices surged.

Bitcoin rose by $1,913.16 (2.00%) to $97,764.19, while Ethereum jumped $238.53 (6.61%) to $3,845.23.

Cryptocurrency exchange Coinbase saw a 7% increase due to deregulation expectations and the surge in crypto prices, closing at $330.94, up $21.59 (6.98%).

Hot this week

After the Holidays, Beware: Intense Workouts Could Accelerate Aging

Excessive exercise can increase reactive oxygen species, accelerating aging, but hyperbaric oxygen therapy may help counteract this effect.

Nvidia Surges 5.4%, While Tesla Drops 3.6% in Latest Market Moves

Wall Street sees gains with Nvidia soaring while Tesla and Alphabet stocks tumble amid tariff concerns and disappointing earnings.

Michael Jordan’s Son Arrested for Drunk Driving and Drug Possession in Florida

Marcus Jordan, son of Michael Jordan, was arrested for DUI and cocaine possession after fleeing police in Florida.

Goldman Sachs Sees Little Disruption in Energy Prices from Tariffs on U.S. Goods

Goldman Sachs forecasts minimal impact on energy prices from China's tariffs on U.S. goods and Canadian crude oil this year.

Health Crisis Hits Former Chancellor Schröder as He Misses Key Nord Stream Testimony

Former German Chancellor Gerhard Schröder is hospitalized for burnout symptoms amid investigations into his role in the Nord Stream project.

Topics

After the Holidays, Beware: Intense Workouts Could Accelerate Aging

Excessive exercise can increase reactive oxygen species, accelerating aging, but hyperbaric oxygen therapy may help counteract this effect.

Nvidia Surges 5.4%, While Tesla Drops 3.6% in Latest Market Moves

Wall Street sees gains with Nvidia soaring while Tesla and Alphabet stocks tumble amid tariff concerns and disappointing earnings.

Michael Jordan’s Son Arrested for Drunk Driving and Drug Possession in Florida

Marcus Jordan, son of Michael Jordan, was arrested for DUI and cocaine possession after fleeing police in Florida.

Goldman Sachs Sees Little Disruption in Energy Prices from Tariffs on U.S. Goods

Goldman Sachs forecasts minimal impact on energy prices from China's tariffs on U.S. goods and Canadian crude oil this year.

Health Crisis Hits Former Chancellor Schröder as He Misses Key Nord Stream Testimony

Former German Chancellor Gerhard Schröder is hospitalized for burnout symptoms amid investigations into his role in the Nord Stream project.

Trade War Fears Subside as Wall Street Makes Strong Comeback

Wall Street bounced back after a three-day slump, driven by tech stocks and optimism over trade negotiations despite ongoing tariff concerns.

U.S. Keeps Close Watch on Korean Immigrants Amid Deportation Concerns

The U.S. State Department is providing consular assistance to Korean nationals arrested during Trump's crackdown on illegal immigration.

Anthropic’s New AI Tool Blocks Jailbreaks and Harmful Content

AI companies enhance censorship to prevent "jailbreaking," with Anthropic introducing a constitutional classifier to block harmful content.

Related Articles