Today's Business Headlines: 12/05/24
One dominant investing narrative coming out of the nomination of long-time securities lawyer, former SEC commissioner and crypto believer President-elect Trump said as much when he announced Atkins as Wall Street’s top cop Wednesday afternoon (of course, after it was reported in the Post two weeks ago,
Exuberance around an SEC led by Atkins, who sits on the board of the Digital Chamber of Commerce, a crypto advocacy group, is a major reason for the recent insane run-ups in even niche cryptos. , the native coin of payments firm Ripple, which uses blockchain technology to offer cross border payments it touts as cheaper than the traditional banking system. It’s maybe the highest performing asset trading in the crypto market in recent weeks, and maybe in any market during that time.
One of Trump’s top crypto advisers, Chris Gianacarlo, told me that among the changes he believes the Trump SEC will reverse is Gensler’s heavy hand on the industry.The SEC charged Ripple with refusing to come to the agency and disclose financials as it was selling XRP to build out its platform. Gensler kept the case going.
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