Last night, RSR instantly increased by 50.72% to $0.026, then fell to $0.019 for a short time. The current price of RSR is $0.023. RSR concept meme DTF rose from $0.012 to $0.03, and then rose by 235% in a short time and fell to $0.015. The current price is $0.023.
This is because sources said that Trump has chosen Paul Atkins as the next SEC chairman, and Atkins has served as a consultant for the RSR project. However, Atkins did not confirm the news and sources reported that he was hesitant, causing the relevant tokens to plummet again in a short period of time.
Who is Paul Atkins?
Paul Atkins, a former SEC commissioner during the George W. Bush administration, is known for opposing heavy fines for companies that violate securities laws and previously opposed the Dodd-Frank Act, which strengthened federal regulatory powers after the 2008 financial crisis.
In 2016, Atkins played a key role in Trump’s political transition team after he was elected president, and was instrumental in influencing Trump’s laissez-faire approach to financial regulation.
Atkins currently still works at Patomak Global Partners, the consulting firm he founded in 2009. Since 2017, he has also served as co-chair of the Token Alliance, an industry association that advocates for the digital asset and blockchain industries.
The reason for the connection with RSR is that the community discovered that Atkins had served as a consultant for the project.
Reserve founder Nevin Freeman once wrote an article explaining that “Paul is not actively involved in Reserve’s consulting work at the moment. He is only a consultant in the early stages of the project. But I was impressed by his open-mindedness during our interactions, and his willingness to publicly serve as a consultant for Reserve shows his commitment and support for the cryptocurrency field.”
As a result, the price surged after news aggregator account db, citing a report from Unchained, published the news that Trump had chosen Atkins to be the next SEC chairman.
Unchained’s original news article reads: “Trump has selected crypto-friendly Paul Atkins as SEC chairman, according to three people familiar with the matter. One source said Trump has contacted Atkins but is waiting for him to formally accept the appointment.”
Less than 20 minutes later, another major news aggregation account, Watcher.Guru, posted a message saying, It is impossible to confirm the rumors that President-elect Trump has selected Paul Atkins as SEC Chairman. Trump has not yet issued any official statement.
According to Coindesk, a person familiar with Atkins thinking said that Atkins was hesitant about leaving his global consulting firm to clean up the agency that he believes was mismanaged and bloated by outgoing SEC Chairman Gary Gensler.
Soon after, another major news terminal Equation released a push saying that trader GCR stated in discord that he had sold RSR a long time ago, but the push has now been deleted.
The above trading news transmission process caused RSR and DTF to surge and plummet in a short period of time. In essence, it is an emotional game in the current market based on the results of the SEC chairman.
Currently, data from compliance prediction platform Kalshi shows that the probability of Paul Atkins becoming the next SEC chairman has risen to 88%.
Earlier, according to FOX Business reporter Eleanor Terrett, Trump will announce the successor to the SEC chairman as soon as today. She said that Paul Atkins, a senior financial regulator and a think tank behind the conservative financial community, is the most likely potential candidate. President-elect Donald Trumps transition team has also interviewed Paul Atkins. Two sources close to Mar-a-Lago also revealed that among the senior members of Trumps transition team, former SEC Commissioner Paul Atkins is most likely to be elected SEC chairman.
What concepts are being hyped by the SEC chairman?
RSR
Reserve Rights (RSR) is a dual-token stablecoin platform launched on Huobi Prime in May 2019. Reserve aims to build a stable, distributed stablecoin and digital payment system, with stablecoins that have a self-regulating supply based on demand and are backed by 100% or more on-chain collateral.
The main problem that RSR is trying to reduce is volatility, as the volatility of cryptocurrencies limits the markets expansion as a medium of exchange. Merchants have been reluctant to accept cryptocurrencies due to concerns about potential loss of profits during market downturns. The Reserve Protocol provides the market with a stable store of value, medium of exchange, and deferred payment standard. Today, the Reserve Rights ecosystem is focused on helping individuals, treasuries, and DAOs fight inflation.
The total supply of RSR is 100,000,000,000, with a current market value of $1,390,407,126 and a TVL of $278,254,588.
DTF
DTF is a meme coin and has no direct relationship with the Decentralized Token Folios protocol launched by Reserve. Its full name is Believe In Something, which corresponds to Stop trading, believe in something on the DTF official website.
Currently, DTF has a total market value of $23.9 million and a 24-hour trading volume of $20 million.
HBAR
Brian Brooks, former Binance CEO and Hedera Foundation board member, is also a top contender on the shortlist for the next SEC chairman. Therefore, HBAR has also been hyped as a SEC chairman concept coin recently.
Hedera is designed for fast, fair, and secure applications that leverage the efficiency of Hashgraph on a trusted, decentralized public network. By limiting the number of nodes involved in key functions such as timestamping and transaction ordering, Hedera Hashgraph is able to achieve finality quickly, reducing the possibility that changes to transaction status may be made later.
XRP
XRP has risen fivefold in a month, and its market value has returned to the third place among crypto assets, returning to the level before the SEC and Ripple lawsuit in 2020, making this old token that has gone through the cycle one of the strongest performing altcoins in recent times.
Related reading: XRPs market value returns to the third place in cryptocurrencies. What is driving its surge?
Ripple is a real-time gross settlement system, currency exchange and remittance network created by American technology company Ripple Labs Inc. Ripple was launched in 2012 and is based on a distributed open source protocol that supports tokens representing fiat currencies, cryptocurrencies, commodities or other units of value. It claims to enable secure, instant and virtually free global financial transactions of any scale, with no chargebacks
After Trump took office, crypto-related policies have been continuously introduced. The launch of XRP has a lot to do with the resignation of the current SEC chairman. The SEC sued Ripple and its two executives, CEO Brad Garlinghouse and co-founder Chris Larsen, in December 2020, for conducting $1.3 billion in unregistered securities sales. The lawsuit has not been concluded until now.
On December 1, former CFTC Chairman Chris Giancarlo said in an interview that the SEC should reconsider its approach, especially in light of recent legal results and a potentially changing regulatory environment. When asked if the SEC would drop the Ripple lawsuit, Giancarlo said: “I think they should… I bet they will.”
