Pro-Crypto Regulator to Chair SEC

CRYPTO
Pro-Crypto Regulator to Chair SEC

President-elect Donald Trump has selected Paul Atkins, a seasoned financial regulator and crypto advocate, to chair the Securities and Exchange Commission (SEC). The announcement, made on Truth Social, follows current SEC Chair Gary Gensler’s decision to step down on Jan. 20, marking the end of President Biden’s term. Atkins’ appointment underscores Trump’s commitment to creating a regulatory environment favorable to finance and cryptocurrency innovation.

“Paul is a proven leader for common sense regulations,” Trump stated, praising Atkins’ dedication to robust, investor-focused markets and digital asset advancements. Atkins, founder and CEO of consultancy firm Patomak Global Partners, has a strong track record in regulatory and compliance services, particularly for fintech and cryptocurrency firms.

Atkins previously served as an SEC commissioner from 2002 to 2008 under George W. Bush, advocating for free markets while emphasizing investor protection. His anticipated push for reduced regulations and penalties contrasts sharply with Gensler’s stringent approach, which drew criticism from the crypto industry.

Seen as a victory for digital asset advocates, Atkins has co-chaired the Digital Chamber’s Token Alliance since 2017, championing clearer crypto regulations. Industry leaders, including Blockchain Association CEO Kristin Smith, have welcomed his nomination. The Senate confirmation process is expected to proceed with less contention than Trump’s other appointments.

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Ken Griffin Questions Crypto’s Purpose

Citadel CEO Ken Griffin admits he regrets not investing in crypto sooner but remains skeptical about its long-term value. Speaking at the New York Times DealBook Summit 2024, Griffin reflected on Bitcoin’s recent surge past $100,000, driven by deregulation hopes following Donald Trump’s election win.

“Of course, I wish I’d bought something that’s now worth 100 times its previous value,” Griffin said, acknowledging the universal fear of missing out (FOMO). He attributed crypto’s rising popularity to Americans’ desire for “agency” in their lives, a sentiment he believes was amplified during the election cycle.

Griffin, who previously dismissed crypto as a “jihadist call” against the dollar, conceded in 2022 that the market’s growth proved him wrong. Yet, he remains critical, questioning crypto’s practical economic purpose. “What problem does it solve for our economy?” he asked, expressing doubt about Bitcoin’s stability and its ability to meet long-term financial needs.

TECH
OpenAI Introduces $200 Pro Plan

OpenAI has introduced ChatGPT Pro, a $200 monthly subscription offering enhanced access to its most advanced AI models. Announced during a livestreamed event, the Pro tier includes unlimited use of an upgraded reasoning model, o1, which excels at solving complex math and coding problems with greater speed and accuracy.

This premium tier builds on the previously introduced ChatGPT Plus, which costs $20 per month. The Pro plan aims to attract businesses and advanced users seeking higher performance, helping OpenAI offset the significant costs of developing cutting-edge AI systems.

The announcement marks the start of OpenAI’s “12 Days of Product Updates,” promising new features and innovations. Like its competitors, OpenAI continues refining reasoning capabilities in its AI models to handle complex queries more effectively. The move reflects efforts by AI leaders, including Google, to tackle diminishing returns in AI development while building systems that address increasingly sophisticated user needs.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.