Original | Odaily Planet Daily (@OdailyChina)
The current SEC chairman Gary Gensler has not officially stepped down, but the competition for the new SEC chairman has quietly begun.
On the evening of December 3, market news reported that Trump has nominated former SEC Commissioner Paul Atkins as the next SEC chairman. The news elicited mixed reactions from the market: some investors quickly identified the closely related stablecoin protocol Reserve Protocol and purchased RSR tokens; some media outlets stated that the news could not be confirmed, and the well-known "millisecond news tracking" outlet, Formula News, even made a "translation blunder," translating Paul Atkins' "hesitation to accept the position" as "refusal to accept"; in terms of on-chain performance, the meme coin project supported by Reserve Protocol, DJT, became a major target.
Amidst the various opinions, Odaily Planet Daily will sort out the "News Trading related to the new SEC chairman" in this article.
Top candidate for the new SEC chairman: Paul Atkins is the "people's choice"
It is worth noting that Paul Atkins is not an unknown figure.
In a previous article titled “Who Will Be the New SEC Chairman After Gary Gensler?”, we briefly introduced him. He is not only a former SEC commissioner but also a "key figure in the Trump camp" and a staunch "supporter of digital assets."
As an SEC commissioner during the Bush administration, he was known for opposing "imposing hefty fines on companies that violate securities laws"; previously, he had expressed opposition to the Dodd-Frank Act, which strengthened federal regulatory powers after the 2008 financial crisis. Atkins played a key role in Trump's political transition team after his election in 2016, significantly influencing Trump's laissez-faire attitude towards financial regulation.
Currently, Atkins still serves at his consulting firm, Patomak Global Partners, which he founded in 2009. Additionally, since 2017, he has also served as co-chair of the Token Alliance, an industry association advocating for digital assets and the blockchain industry.
At that time, due to his current position, the market did not view him as a popular candidate, but as November came to an end, the winds began to shift.
On November 27, FOX Business reporter Eleanor Terrett reported that, according to two sources close to Mar-a-Lago discussions, former SEC commissioner Paul Atkins remains the most popular candidate among the top transition team members to lead the SEC. He is not only well-versed in cryptocurrency technology but also has a deep understanding of the SEC's internal operations, having served as a commissioner and staff member under two SEC chairmen, Richard C. Breeden and Arthur Levitt. Atkins is believed to be capable of formulating an agenda that supports innovation while restoring the so-called "gold standard," which many in the Republican Party believe has disappeared under the leadership of the soon-to-depart chairman Gary Gensler.
On November 28, sources revealed that Trump's transition team had interviewed veteran financial regulator and conservative financial insider Paul Atkins as a candidate for SEC chairman. Sources indicated that Atkins is the top contender to succeed the outgoing Gary Gensler. That day, the news was supported by well-known crypto-friendly lawyer John Deaton, who stated that "if Atkins is appointed, he will lead the SEC towards a more balanced and transparent regulatory framework."
Furthermore, Paul Atkins' ascension was also seen by media as one of the signals that "the SEC may relax its legal battles against cryptocurrency exchanges."
When the news was officially released, the market performance was nothing short of a "roller coaster."
Even seasoned News Trading veterans can "make mistakes": Formula News staged a dramatic episode
At 1:14 AM Beijing time on December 4, crypto media Unchained reported that Trump has chosen Paul Atkins to be the chairman of the U.S. Securities and Exchange Commission (SEC).
At 1:26 AM, well-known crypto source DB posted on the X platform citing the aforementioned news, further spreading the news of "Paul Atkins being selected as SEC chairman." Formula News promptly followed up. Subsequently, the news was confirmed by crypto source zoomer here.
Upon the news breaking, the RSR token related to the stablecoin protocol Reserve Protocol, which Paul Atkins advises, surged over 20%.
However, soon after, as more media reports emerged, the market began to express further doubts and hesitations regarding Paul Atkins' "identity turmoil."
At 1:41 AM, well-known crypto source Watcher Guru posted on the X platform stating: "Cannot confirm the reports circulating in the market about Trump choosing Paul Atkins as SEC chairman. There is no official announcement from Trump."
Original message
At 1:44 AM, Formula News reposted zoomer's citation of Coindesk's news, but translated "PAUL ATKINS HESITANT TO ACCEPT SEC CHAIR JOB" as "Paul Atkins is unwilling to accept the position of chairman of the U.S. Securities and Exchange Commission" (Note from Odaily Planet Daily: It is worth mentioning that Formula's initial translation was "refusal"). Subsequently, it also reposted a similar statement from DB, again confirming Paul Atkins' hesitation to accept the SEC chairman position.**
In response to this matter, many users criticized Formula News, suggesting that it might be "manipulating market news." Later, Formula News founder Vida also responded multiple times to user comments on the X platform here: "DB ZOOMER is fully automated publishing, with no time for manual screening," "Users can try using Google Translate for this sentence; Formula News uses API for full automation and has no time for manual modifications." He even attached translations from Google Translate and ChatGPT to clarify here.
Regardless, the market has begun to Buy in (purchase) the news of "Paul Atkins being selected as SEC chairman."
According to Coingecko data**, the RSR token is currently priced at $0.021, with a 24-hour increase of 68.5%, and a market cap of approximately $1.11 billion.
**
RSR token information
In addition, at 1:43 AM, Formula News also released a message stating that "well-known trader GCR mentioned in a private Discord chat that he had sold his long position in RSR a long time ago." This message has since been deleted.
On the other hand, according to The Data Nerd monitoring, the well-known market maker GSR deposited a total of 280 million RSR (approximately $6.66 million) to Binance earlier today; in the past 24 hours, it has deposited a total of 265 million RSR (approximately $10.82 million) to Binance. On-chain analyst @ai_9684xtpa monitored that the RSR market maker is GSR Markets. Excluding the recent exchange transfer operation, GSR has also been frequently trading RSR recently, contributing to its price fluctuations.
Summary: Sell the News VS Buy the News
Looking at this dramatic episode, "whether Paul Atkins will ultimately succeed Gary Gensler as the SEC chairman" is still undecided, but the market competition surrounding this matter has reached a temporary conclusion: market users voted with their feet, purchasing RSR tokens; Formula News played a rather disreputable "role of manipulating the market with news"; the on-chain meme coin DJT also saw some price increase.
But when it comes to the ultimate winner, it may very well be Reserve Protocol, as it has gained market attention, a rise in token price, and the potential "benefit of Paul Atkins' ascension."
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