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PAUL ATKINS SEC CONFIRMATION HEARING BEGINS: IS THIS GOOD NEWS FOR CRYPTO?
▪️Former SEC Commissioner Paul Atkins, a Trump nominee, is expected to bring a more crypto-friendly regulatory approach.
▪️Atkins’ confirmation faces scrutiny due to his past advisory roles, financial ties to crypto, and potential conflicts of interest.
▪️The crypto industry anticipates Atkins’ potential leadership as a shift towards clearer regulations.
The crypto market finally has a leader at the SEC who supports digital assets. After years of strict regulations, uncertainty, and legal battles, there’s a chance for real change. Paul Atkins, a former SEC commissioner and Trump’s pick for SEC Chair, is expected to take a more crypto-friendly approach – if confirmed. Unlike his predecessor Gary Gensler, who cracked down hard on the industry, Atkins wants to introduce clear and predictable rules. He believes confusing regulations have slowed innovation and pushed businesses overseas.
His confirmation hearing today could set the stage for crypto’s next big chapter.
Senate Hearing Begins Today
Atkins will face the Senate Banking Committee today for his confirmation hearing, where he plans to push for a balanced regulatory framework. He has criticized the SEC’s past policies, arguing that complicated and politically driven rules have hurt businesses and investors. His goal is to create common-sense regulations that encourage growth while ensuring proper oversight.
Industry Support vs. Political Opposition
The crypto industry is optimistic about Atkins’ nomination, seeing it as a chance to move away from the SEC’s aggressive enforcement, which has driven innovation overseas.
But not everyone is on board. Senator Elizabeth Warren and other critics have raised concerns about his regulatory past. Warren has questioned his advisory role with FTX, his ties to major financial firms, and his decisions during the 2008 financial crisis. She recently sent him a 34-page letter demanding answers before his hearing.
Questions over Atkins’ crypto investments
Atkins’ financial records show he holds up to $5 million in a crypto investment fund and $1 million in equity across two crypto firms. His and his wife’s total assets exceed $328 million, mostly from his wife’s family wealth. These investments have raised concerns over potential conflicts of interest, which he is expected to address during the confirmation process.
What Happens Next?
Until Atkins is officially confirmed, Mark Uyeda will serve as interim SEC Chair following Gary Gensler’s resignation. The Senate will decide when to hold the final vote on Atkins. If he is approved, it could mean major changes in how the SEC regulates crypto.
While the crypto market welcomes a shift in policy, some worry that too much freedom could lead to illegal activities and fraud. Trump’s open support for meme coins like TRUMP, which remain unregulated, has added to concerns.
Over the last few months, some of Trump’s policies have backfired, and the crypto market is still recovering, far from its peak of $109K. Whether Atkins’ leadership will bring stability or new challenges remains to be seen.
Atkins might be the SEC’s new face, but in crypto, the real question is always the same – will the rules change the game or just the players?
@ Newshounds News™
Source: Coinpedia
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US SENATE CLEARS RESOLUTION TO KILL IRS’S CONTROVERSIAL DEFI BROKER RULE
A rule to scrap a U.S. Internal Revenue Service rule targeting decentralized finance platforms has cleared the Senate, setting the stage for the president’s expected sign-off.
On March 26, the Senate voted 70-28 in favour of repealing the controversial DeFi broker rule, which sought to expand tax reporting requirements for businesses in the sector.
Earlier this month, the House of Representatives passed the resolution with bipartisan support, with Republican Representative Mike Carey, a vocal critic of the bill, calling it a “massive government overreach” that would compromise the privacy of American nationals and hinder growth in the industry.
Now, the resolution heads to President Donald Trump’s desk for final approval. David Sacks, the White House’s crypto and AI adviser, has previously confirmed the administration’s support, and Trump is expected to sign it into law.
The rules, initially proposed by the IRS and the United States Treasury Department in August and finalised in December 2024, would require DeFi platforms to report user transactions—specifically, gross proceeds from crypto sales—to the IRS, similar to traditional brokers.
This would include collecting and filing personal data of users involved in these transactions, which critics say goes against the nature of decentralisation and puts unnecessary pressure on platforms that often don’t have central operators.
Supporters of the repeal argued that the rule was unworkable in practice and could drive innovation out of the U.S.
The Blockchain Association, a digital asset advocacy group, along with the Texas Blockchain Council, sued the IRS last year.
Marisa Coppel, the association’s Head of Legal, criticized regulators in a joint statement last year, claiming that the IRS and Treasury had “gone beyond their statutory authority in expanding the definition of ‘broker.”
“Not only is this an infringement on the privacy rights of individuals using decentralized technology, it would push this entire, burgeoning technology offshore,” he added.
@ Newshounds News™
Source: CryptoNews
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