Donald Trump nominates cryptocurrency advocate Paul Atkins for SEC leadership

President-elect Donald Trump has recently shared his pick for the next chairman of the Securities and Exchange Commission (SEC), and it’s none other than Paul Atkins, a well-known advocate for cryptocurrency and a former SEC commissioner himself. Trump commended Atkins for his dedication to sensible regulations and his strong support for fostering innovation within capital markets.

Paul Atkins, who currently serves as the CEO of Patomak Partners, has been vocal about the risks associated with excessive regulation in financial markets. Trump highlighted Atkins’ passion for promoting robust capital markets and his acknowledgment of digital assets as a key driver of economic growth. In a statement on Truth Social, Trump emphasized that Atkins recognizes the importance of innovation and digital assets in propelling America to new heights.

If confirmed, Atkins will take over from Gary Gensler, the current SEC chair known for his stringent approach to regulating the cryptocurrency industry. This change in leadership at the SEC could indicate a shift in how the commission approaches digital assets and financial innovation.

On another note, General Motors (GM) is facing financial challenges in China, one of its significant markets. The company disclosed plans to write down assets and incur restructuring charges amounting to over $5 billion in the fourth quarter of 2024. While these charges will impact GM’s net income, they will not affect adjusted pretax earnings, according to the company’s filing with the SEC.

As GM prepares to release its quarterly results in the coming year, these developments underscore the evolving landscape of the global automotive industry and the strategic adjustments necessary to navigate these changes.