Under the First Crypto President, What Will Regulation of the Industry Look Like? - Ep. 747
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I think we will have an SEC that just functions better and more effectively than what we've had under Chair Gensler. And I don't wanna make this personal, but all of the folks I've talked to who know Chair Gensler personally will say that he's a politician first and, you know, a regulator or an operator second. And that's not at all what I hear about Paul Atkins. Right?
Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin. We are now featuring comments and reviews on the podcast in the show. And there was a recent comment by Mark Hayes on last Friday's episode, which was about incoming sec chair, Paul Atkins, and was a little bit spicy. He said, quote, Atkins Atkins is a huge supporter of making it easier for private equity to raise money with no questions asked. The kind of thing that led to the great financial crisis, which supposedly is why crypto is anti Wall Street. So kinda spicy. But if you wanna he
to be here. Hey,
Laura. Thanks for having me back.
Last week, president-elect Donald Trump made the nomination that the crypto community had been waiting for. And, it was actually the first report that Paul Atkins had been invited by Trump, and that was later confirmed after Atkins accepted. The crypto community was very excited about this, and I was curious to hear your opinion on what Paul Atkins would be like as SEC chair. And, Jake, why don't we start with you?
Yeah. Absolutely. Well, I think it will be something close to the opposite of what we've experienced under Gary Gensler for the last 4 years or so. You know, I think it's, it's a mistake to make too, precise of predictions. But I think in general, the tone from the SEC is going to be extraordinarily different. I think we're going to have a commission that is supportive of innovation in the United States and that wants to see the crypto industry grow and flourish here. Whereas over the last 4 years, we had an SEC that viewed its job as essentially destroying the industry by driving it out of th
I absolutely agree. And, you know, Atkins is a a free market libertarian. He's a fan of Milton Friedman. I think he's going to look with skepticism upon the the past, SEC's positions on crypto under Chair Gensler. And, you know, in particular, he's been critical of the response to FTX. For example, he said that FTX really should never have happened if we had a a compatible regulatory framework to address, crypto assets. He's praised commissioner purses token issuer safe harbor. And beyond crypto, he has looked with skepticism upon broader, prescriptive regulatory frameworks for our equity, mar
that was kind of interesting to me is, you know, when we talk about just how different he's expected to be from Gary Gensler, I saw that John Reid Stark, who had worked with him at the SEC, noted that even just, like, his personality is quite different. It's not even just that his political views are different, but he said something like, Atkins is known for knowing how to disagree without being disagreeable. And, you know, as we've all heard, I think Gensler himself had a little bit more of an abrasive kind of personality within the agency that, you know, led to staffers being unhappy. So, yo
Yeah. Well, first, if you don't mind, I'm just interested to respond to your point about chair Atkins or potential chair Atkins and his, sort of personality and the difference there. Because totally aside from politics, I think we will have an SEC that just functions better and more effectively than what we've had under Chair Gensler. And I don't wanna make t
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