Key Highlights
- Bankman-Fried credits Trump for “fixing” the SEC by replacing Gensler with Atkins, claiming it ended crypto’s biggest regulatory threat and stopped a Gensler-Warren push to shift power from CFTC to SEC.
- Atkins brings a practical, lighter-touch approach focused on real licenses and avoiding agency conflicts, unlike Gensler’s aggressive enforcement that triggered dozens of major crypto lawsuits.
- Crypto users on X largely trolled SBF, calling his praise for Trump a desperate, obvious attempt to secure a pardon, with replies like “You’re not getting a pardon bro” dominating reactions.
From federal prison, collapsed exchange FTX’s Founder Sam Bankman-Fried (SBF) issued a pointed endorsement of President Donald Trump’s decision to replace Gary Gensler with Paul Atkins as the Chairman of the Securities and Exchange Commission (SEC), calling it the fix that ended years of regulatory hostility toward cryptocurrency.
In a post on his official X account, which is managed through a Bureau of Prisons-approved proxy using phone calls and emails, Bankman-Fried credited Trump directly: “How @realDonaldTrump fixed the SEC: fire Gensler, hire Atkins.”
The message, accompanied by side-by-side portraits of the two Chairs, accused Gensler of waging a quiet campaign, allegedly with Sen. Elizabeth Warren, to transfer crypto oversight authority from the Commodities Futures Trading Commission (CFTC) to the SEC. “Gensler didn’t just declare war on crypto. He declared war on the CFTC,” he emphasized.
Bankman-Fried claimed his own team spent significant time lobbying against the move during the Biden administration, describing it as the single biggest threat to the industry.
“Atkins understands: only require licenses that actually exist,” the post read. “And don’t let industry get caught in the crossfire between warring federal agencies.”
Atkins, sworn in April 2025 after Senate confirmation, has already signaled a lighter-touch approach, emphasizing practical rulemaking over aggressive enforcement. Gensler’s tenure saw dozens of high-profile crypto lawsuits; Atkins has begun dialing back that strategy while promoting clearer licensing paths.
The post underscored lingering industry relief over the leadership change. Crypto advocates have long viewed Atkins’ arrival as a turning point, contrasting sharply with Gensler’s enforcement-heavy record. Whether the new direction delivers lasting clarity remains under close watch on Capitol Hill and in trading rooms alike.
However, despite the post echoing what a lot of crypto community members feel about the change, SBF was trolled with users pointing out that the post was a terribly obvious attempt to butter up Trump for a pardon; something that the President’s administration has made clear is unlikely to happen.
Also read: FTX-Alameda Estate Unstakes $17M in Solana for Monthly Creditor Payout
