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Paul Atkins, President Donald Trump's pick to lead the Securities and Exchange Commission, was questioned by the Senate Banking Committee on Thursday as part of his confirmation process. In the video above, IDX Advisors chief investment officer Ben McMillan explains why the crypto world is excited about Atkins and Trump's other crypto-related advisers.
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Let's start out with, uh, Mr. Paul Atkins, Trump's man to run the SEC because he he's before the Senate and he pledges been rational crypto regulations. As a guy who's working in the industry, what what do you what would you want to see from Atkins? And what would you expect to see?
I mean, the word rational is an important one because frankly, when you look at the previous SEC administration, it was one that even other regulatory agencies accused of being inconsistent with their application to crypto agencies, um, over heavy-handed and it stifled a lot of innovation in this space. I mean, Coinbase was a perfect example. They went online and said, here, the SEC, you know, under Gensler approved our IPO, but then is also suing us. You know, how can you have one of the other? And so to just move into a rational approach, a common sense approach is very favorable, I think for the space in general, because there's a lot of pent-up innovation there. And I think just the language around that is going to really put offer us a catalyst to see higher prices, not just for Bitcoin, but a broader adoption of the ecosystem.
So the lighter touch, which is what we would expect to see, that that has these kind of tailwinds and benefits for for innovation, for example.
Absolutely, because a lot of people and we we were talking to them, we're just kind of rolling back projects because they were worried about the heavy-handed approach of an SEC. And so again, this is there's there's a lot of innovation out there. There's a lot of exciting things out there on the crypto landscape. And so having, you know, an SEC that's more conducive and more cooperative and going to allow that innovation is going to be great for the space.
Generally, what do you think that the team Trump has put together here? Do you like this team? I got Atkins, I got, of course, David Sachs, the cryptozar. What do you think?
I I think it's great because they're guys with private sector Wall Street experience. So again, they're coming in. And I forget who it was, but one of them said, you know, the SEC's job is to really prevent outright frauds. So we're going to go back to, you know, guys that are doing things like pump and dumps, you know, stealing money from widows and dentists for lack of a better term, as opposed to just kind of, you know, inconsistently going after these, you know, big headlines. And so again, getting back to like a bricks and mortar type approach, I think is going to be really good for the crypto space.
