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- Last Week in Crypto: New SEC Chair named, Coinbase integrates Apple Pay
This week, President-elect Donald Trump nominated Paul Atkins as the next Chair of the United States Securities and Exchange Commission (SEC). The announcement was made on December 4 through Trump’s platform, Truth Social.
Trump commended Atkins for his belief “in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” which most likely gives us a glimpse into what we can expect during the Atkins administration: the development of a legal framework that allows the digital asset industry to thrive.
Atkin’s nomination still needs confirmation from the Senate, but a ‘crypto-friendly’ SEC Chair will likely add fuel to the fire that seems to have kicked off in the digital currency industry upon Trump’s election; since the election, BTC price has surged roughly 44% and briefly passed $100,000 for the first time in the asset’s history, reflecting renewed optimism in the market for digital currency. With Atkins at the helm, you can anticipate an even more favorable climate for blockchain innovation and investment, likely leading to an era of growth for digital assets.
Coinbase x Apple Pay integration
This week, Coinbase (NASDAQ: COIN) announced a significant development: the integration of Apple Pay into its Coinbase Onramp product. This move allows users of apps infused with Onramp to purchase digital currency using Apple Pay, further streamlining the conversion of fiat currency into digital assets.
Historically, onboarding into digital currency has been complicated, requiring users to navigate multi-step processes that deter newcomers. The Coinbase-Apple Pay partnership addresses this pain point by offering a familiar and user-friendly payment option. This should reduce friction for prospective users and encourage broader adoption of blockchain technology.
With this solution, Coinbase continues to address one of the industry’s biggest challenges: improving accessibility. Simplified onboarding processes not only enhance the user experience but also contribute to the growth of the digital currency ecosystem. As more users enter the space, the industry benefits from increased liquidity and community engagement, which is often positive for every facet of the industry.
It will be interesting to see if this partnership kicks off a new trend in the digital currency industry: collaboration with established tech giants. By aligning with platforms like Apple (NASDAQ: AAPL), companies can take advantage of the tech giant’s massive user base, directly leading to a new customer pool containing billions of people. If digital currency companies can correctly tap into these existing networks, adoption rates could accelerate as the barriers to entry are removed and the path to broader mainstream acceptance becomes clear.
Trump names David Sacks as digital currency and AI czar
In another major development, Trump has appointed former PayPal (NASDAQ: PYPL) COO David Sacks as the White House’s crypto and AI czar. The announcement on Truth Social on December 5 stated that in this important role, Sacks will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness. Sacks will “focus on making America the clear global leader in both areas. He will safeguard Free Speech online and steer us away from Big Tech bias and censorship. He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S.,” among other praises he had for Sacks.
Sacks is an accomplished entrepreneur and venture capitalist who is expected to play a crucial role in shaping federal policies for both industries. As the founder of Craft Ventures, Sacks probably sees hundreds, if not thousands, of deals per year and, therefore, brings a deep understanding of industry trends and challenges, which will better allow him to advocate for innovation and regulatory clarity in each space.
In his new role, Sacks is expected to act as a bridge between the White House, Congress, and federal agencies, essentially lobbying for the artificial intelligence (AI) and digital currency industries. The Trump administration has made it clear that it wants to create an environment where digital currency and AI companies can operate with greater confidence, and Sacks’ entrepreneurial background and industry expertise suggest he will be sympathetic to the needs of innovators.
In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.
Watch: Demonstrating the potential of blockchain’s fusion with AI
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