Recently, the U.S. Securities and Exchange Commission (SEC) welcomed its 34th chairman—Paul S. Atkins. This financial veteran, nominated by President Trump and confirmed by the Senate on April 9, was officially sworn in today. His appointment not only marks a change in the SEC leadership but also signals a potential significant shift in the regulation of cryptocurrencies in the U.S. Notably, there are currently 72 cryptocurrency-related exchange-traded fund (ETF) applications piled up on the SEC's desk, including funds involving Solana, XRP, and even the "First Lady meme coin," awaiting the new chairman's decision. Bloomberg ETF analyst Eric Balchunas exclaimed on X platform: "It's going to be a crazy year!"

New Chairman Takes Office: Pro-Crypto Background

Atkins is not a new face at the SEC. He served as an SEC commissioner from 2002 to 2008, during which he was known for advocating market transparency, regulatory consistency, and cost-benefit analysis. Now, he returns to the SEC as chairman, tasked with the mission assigned by Trump: to promote innovation in U.S. capital markets and ensure their global leadership. In his inaugural statement, Atkins said, "I will work with my SEC colleagues to promote capital formation, maintain fair and orderly markets, and protect investors' interests, making the U.S. the safest and most attractive investment destination in the world."

Atkins' pro-crypto stance is a focal point of market attention. He was the co-chair of the Token Alliance under the Chamber of Digital Commerce, long advocating for the establishment of "best practices" for blockchain and digital assets. He has publicly criticized former chairman Gary Gensler's "regulation by enforcement" strategy, arguing that it stifled innovation in the crypto industry and forced companies to seek more regulatory-friendly markets overseas. According to Cointelegraph, Atkins clearly stated during a Senate hearing on March 27 that his top priority is to establish a "rational, coherent, and principled" regulatory framework for digital assets to address the current "ambiguous and lacking" regulatory situation.

Additionally, Atkins' personal investments in the crypto space have drawn attention. According to Fortune Crypto, he holds crypto-related assets worth up to $6 million, including shares in Anchorage (a crypto custody company) and Securitize (a tokenization company). Although he has pledged to divest assets that could influence regulatory decisions before taking office, his deep industry background undoubtedly raises expectations in the crypto market.

Crypto ETF Boom: 72 Applications Awaiting Review

Atkins' appointment coincides with a surge in crypto ETF applications. According to Bloomberg data, the SEC is currently reviewing 72 crypto-related ETF applications, covering a diverse range of products from mainstream assets like Bitcoin, Ethereum, and Solana to niche meme coins like Dogecoin and even "Trump family meme coins." These applications include not only ETFs for direct listing but also requests for options trading.

The market generally expects that Atkins' leadership will accelerate the ETF approval process. Michele Neitz, a law professor at the University of San Francisco, stated in an interview with Crypto Briefing: "Under Atkins' leadership, ETF approvals may be faster, especially for assets like Solana." She pointed out that compared to Gensler's strict scrutiny of crypto assets, Atkins focuses more on balancing investor protection and disclosure rather than setting excessively high entry barriers.

It is worth noting that the approval of crypto ETFs is not only a technical issue but also closely related to the overall policies of the Trump administration. Trump promised to create a "Bitcoin strategic reserve" during his campaign and appointed pro-crypto regulators, while his family's World Liberty Financial project also involves meme coins and stablecoin businesses.

Challenges and Controversies

Despite high hopes from the crypto industry, Atkins' appointment comes with controversy. Bartlett Naylor, a financial policy advocate at the consumer rights organization Public Citizen, warned that Atkins' lenient attitude towards crypto assets could undermine investor protection. He bluntly stated, "Bitcoin was once called 'air' by Trump, and Atkins' pro-crypto stance could open the door to fraud." The Washington Post also pointed out that while the crypto industry has suffered due to Gensler's strict enforcement, his crackdown on scams like FTX did protect investors' interests. Atkins needs to find a balance between innovation and risk.

Furthermore, the power dynamics within the SEC add uncertainty to Atkins' policy implementation. Currently, there are only three Republican commissioners (including pro-crypto Hester Peirce and Mark Uyeda) and one Democrat, Caroline Crenshaw, whose term has expired. The Trump administration has yet to nominate a new Democratic commissioner, which may give Atkins greater decision-making freedom in the short term but could also lead to political controversy.

This article represents the author's personal views and does not reflect the position or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.

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