Joe Lonsdale, co-founder of Palantir Technologies, has expressed strong support for President-elect Donald Trump’s choice of Paul Atkins to lead the U.S. Securities and Exchange Commission (SEC). Speaking on the All-In Podcast, Lonsdale praised Atkins as “a smart guy,” “a fair guy,” and someone who “cares about rules and helping innovators.” This endorsement contrasts sharply with his harsh criticism of Gary Gensler, the former SEC chairman.
Lonsdale’s frustration with Gensler stems from what he sees as biased and manipulative regulatory tactics towards the cryptocurrency sector. He referenced Coinbase CEO Brian Armstrong and the Winklevoss twins, who have accused Gensler of avoiding clear regulatory guidelines before initiating enforcement actions, creating what they termed a “gotcha game” scenario. Lonsdale described Gensler’s approach as “very dishonorable,” expressing hope that Atkins would bring fairness and transparency to the SEC.
This shift in leadership comes at a time when the cryptocurrency industry is experiencing a significant pro-crypto wave, following Trump’s election victory. The crypto industry rallied behind Trump’s campaign, viewing his win as a potential turning point for regulation. A recent Bernstein report highlights the shift from regulatory challenges to opportunities for the crypto sector, anticipating a “new regime of crypto rule-making.” Coinbase’s Brian Armstrong echoed this optimism, stating that the election results reflect a broad, bipartisan pro-crypto stance and expressing eagerness to work with the new administration to establish clearer rules for digital assets.
The pro-crypto sentiment extends beyond the White House, with several crypto-friendly candidates gaining seats in Congress. This momentum strengthens the belief that the regulatory environment for digital assets will improve under the Trump administration. Additionally, the possibility of a national Bitcoin reserve, currently being considered by the Trump administration, could drastically impact the U.S. national debt and further cement Bitcoin’s role in the global financial system. These developments – including a new SEC chair, a pro-crypto Congress, and the potential for a Bitcoin reserve – signal a transformative shift in the U.S. regulatory landscape, offering exciting prospects for the cryptocurrency industry.
