President-elect Donald Trump has nominated Paul Atkins and Gail Slater for key positions that could significantly impact the tech industry and cryptocurrency market. Atkins, a crypto advocate and former SEC commissioner, is expected to pursue pro-crypto policies, while Slater, an economic adviser with antitrust experience, will head the Justice Department’s antitrust division.
The appointments may reward influential Silicon Valley donors who have called for less regulation of cryptocurrency and weakening the power of large tech monopolies. Trump’s choices reflect a “venture capitalist tech agenda” that prioritizes market freedom over strict regulations.
Gene Kimmelman, a former DOJ antitrust official, notes that Slater’s appointment will likely continue the Biden administration’s program to promote competition lawsuits against large tech platforms. The nomination is seen as a shift away from strong cryptocurrency regulation and towards a more lenient approach.
Trump’s picks may also satisfy influential tech investors like Marc Andreessen and Ben Horowitz, who have promoted a “Little Tech Agenda” that advocates for reduced regulatory scrutiny of crypto-related businesses. Their critique argues that bad government policies threaten the startup ecosystem and that unfettered markets can solve society’s problems.
The nominations come as Trump signals a pivot away from President Joe Biden’s approach to cryptocurrency regulation. Slater is expected to take on ongoing monopoly cases against Google, Apple, and other tech giants, while Atkins will likely pursue pro-crypto policies that could boost the digital assets sector.
The appointments have raised concerns about the potential for the White House to directly intervene in enforcement matters and curry favor with corporate CEOs in exchange for better regulatory treatment. As Trump starts his administration, experts will be watching how he uses the Justice Department to shape antitrust policy and regulate the tech industry.
Source: https://edition.cnn.com/2024/12/05/tech/trump-nominees-crypto-big-tech/index.html