Paul Atkins has officially been sworn in as the 34th chairman of the Securities and Exchange Commission.

The April 21 announcement comes nearly two weeks after Atkins’ position was confirmed by the US Senate in a 52-44 vote on April 9.

“I am honored by the trust and confidence President Trump and the Senate have placed in me to lead the SEC,” Atkins said in a statement.

“As I return to the SEC, I am pleased to join with my fellow Commissioners and the agency’s dedicated professionals to advance its mission to facilitate capital formation; maintain fair, orderly, and efficient markets; and protect investors.”

Atkins is widely expected to lead a more crypto-friendly SEC than former chair Gary Gensler under the Biden administration.

Atkins also previously served as an SEC commissioner between 2002 and 2008 under former President George W. Bush.

His confirmation was reportedly delayed due to additional financial disclosures that he needed to file as a result of marrying into a billionaire family. 

Some of those financial disclosures reportedly revealed that Atkins owned up to $6 million worth of crypto-related investments, including crypto custody platform Anchorage Digital and blockchain tokenization platform Securitize.

The announcement means Atkins has effectively taken over from acting chair Mark Uyeda, who has helped the SEC establish a Crypto Task Force to strengthen rapport between the agency and industry players over the last few months.

The securities regulator has also dismissed several high-profile crypto-related investigations and enforcement actions undertaken by the Gensler-led SEC, including cases involving Coinbase, Consensys, Gemini and Uniswap.

Related:

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This is a developing story, and further information will be added as it becomes available.

Coinbase has listed futures contracts for the XRP token on its US derivatives exchange, the cryptocurrency platform said on April 21.

The contracts are overseen by the US Commodity Futures Trading Commission (CFTC) and offer traders “a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets,” the company said in a post on the X platform.

Coinbase’s XRP (XRP) futures include standard contracts representing 10,000 XRP and retail-oriented “nano” contracts representing 500 XRP each, or approximately $1,000 as of April 21, according to regulatory filings.  

The contracts are the latest crypto futures to launch on Coinbase’s derivatives exchange, which also features Solana (SOL) and Hedera (HBAR) futures contracts, both added in February. 

Source: Coinbase

Related: Coinbase in talks to buy derivatives exchange Deribit: Report

Burgeoning market segment

Since 2024, US exchanges — including Coinbase, Robinhood and Chicago Mercantile Exchange — have been expanding crypto futures offerings in response to strong demand from retail and institutional investors. 

Futures contracts are standardized agreements to buy or sell an underlying asset at a future date. They are popular for hedging and speculation because they let traders take long and short positions, often with leverage. 

Coinbase lists derivatives tied to some 92 different assets on its international exchange and approximately two dozen in the US, according to its website. 

Its US-traded products include contracts tied to memecoins, such as Dogecoin (DOGE), and commodities, such as oil and gold. 

Coinbase’s stock performance vs. the S&P 500. Source: JPMorgan

In December, Coinbase said derivatives trading volumes soared roughly 10,950% in 2024. The exchange is reportedly in talks to buy Deribit in a bid to expand its derivatives footprint.

Coinbase launched its US derivatives exchange in 2022, bringing cryptocurrency futures — including retail-oriented “nano” contracts — to tens of millions of US users.

Launched in 2012, XRP Ledger is among the oldest blockchain networks and specializes in payments and decentralized finance (DeFi) applications for institutions. 

As of April 21, XRP’s market capitalization stands at approximately $120 billion, according to CoinMarketCap. 

In March, the US Securities and Exchange Commission (SEC) dropped a years-long lawsuit against XRP Ledger’s developer, Ripple, for alleged securities law violations.

Magazine: Crypto ‘more taboo than OnlyFans,’ says Violetta Zironi, who sold song for 1 BTC

A member of the House of Representatives has proposed legislation aimed at stopping investors from using the US territory of Puerto Rico as a crypto tax haven.

According to an April 21 Bloomberg report, New York Representative Nydia Velázquez introduced the Fair Taxation of Digital Assets in Puerto Rico Act, a bill that could change existing laws in the territory to require certain investors to pay local and federal taxes on capital gains, including from digital assets. The legislation would reportedly add text to Puerto Rico’s Internal Revenue Code, making income from cryptocurrencies subject to federal tax laws.

“This wave of crypto investors hasn’t helped Puerto Rico’s recovery or strengthened the local economy,” said Rep. Velázquez, according to Bloomberg. “Instead, it’s driven up housing costs, pushed out local residents, and added pressure to an island where nearly 40% of people live in poverty — all while costing the federal government billions in lost tax revenue.”

Puerto Rico is well known as a tax haven for many people in the crypto industry since the territory began allowing exemptions in 2012 under Act 20 and Act 22 of the Tax Incentives Code — later consolidated as Act 60. The island has attracted investors, including Pantera Capital founder Dan Morehead, venture capitalist Brock Pierce, and online influencer Logan Paul.

Related: NFT trader faces prison for $13M tax fraud on CryptoPunk profits

Missing out on crypto tax revenue

Rep. Velazquez’s office reportedly said Puerto Rico could lose roughly $4.5 billion in revenue from 2020 to 2026 due to the tax incentives in place. In contrast, Puerto Rico Governor Jenniffer González-Colón proposed extending Act 60, set to expire in 2035, to the end of 2055, but requiring applicants to be subject to a 4% capital gains tax rate, smaller than the typical range up to 37% in the US.

It’s unclear whether the legislation proposed by Rep. Velazquez, a Democrat, would have enough political support to pass in the Republican-controlled House or Senate. Both chambers will likely consider floor votes for stablecoin legislation and a crypto regulatory framework in the coming months.

Magazine: XRP win leaves Ripple and industry with no crypto legal precedent set