Today in crypto, former United States Securities and Exchange Commission (SEC) Commissioner Paul Atkins has emerged as the leading candidate to replace Gary Gensler as chair of the agency, a US appeals court judge opined that the US Treasury’s sanctions against Tornado Cash’s immutable smart contracts were unlawful, which is seen as a win for decentralization, and Ripple contributed another $25 million to the Fairshake political action committee (PAC) in preparation for the US midterm elections.

Paul Atkins emerges as leading candidate for SEC chair

Former SEC Commissioner Paul Atkins has emerged as the leading candidate to chair the agency under President-elect Donald Trump’s new administration.

Atkins is known for his pro-innovation stance and crypto expertise and is claimed to be capable of “returning the agency to the so-called ‘gold standard,’” according to an X post by financial reporter Eleanor Terrett.

Atkins’ potential appointment comes amid speculation that Trump’s administration may shift cryptocurrency regulatory oversight from the SEC to the Commodity Futures Trading Commission (CFTC), signaling a major policy change that could significantly impact the crypto industry.

Atkins becoming SEC chair after Gary Gensler resigns in January 2025 would have implications for US crypto regulations that could promote its innovation — rather than hinder it.

Atkins, who previously served as an SEC commissioner under two chairs, Richard Breeden and Arthur Levitt, is recognized for his balanced regulatory approach and deep understanding of securities law.

Big win for Tornado Cash as judge says OFAC exceeded authority

Tornado Cash users have scored a major victory in a United States appeals court after a three-judge panel found the Treasury’s sanctions against the crypto mixer’s immutable smart contracts were unlawful.

In a Nov. 26 legal opinion, a Fifth Circuit Appeals Court’s three-judge panel said the Office of Foreign Assets Control (OFAC) exceeded its authority in sanctioning Tornado Cash’s immutable smart contracts — reversing a lower court’s decision and granting the platform’s users a partial summary judgment.

The appeals court panel said that while the Treasury has the power to take action against “property,” Tornado Cash’s immutable smart contracts were not property under the International Emergency Economic Powers Act (IEEPA) as they can not be controlled or owned.

Ripple pours more money into Fairshake PAC

Blockchain payment services firm Ripple has announced another $25 million contribution to the Fairshake political action committee, also known as a PAC.

Ripple CEO Brad Garlinghouse confirmed the contribution in a Nov. 26 social media post, where he said Fairshake intends to push “pro-crypto, pro-growth and pro-innovation candidates” in future elections.

The payment firm donated $45 million to Fairshake during the 2024 US presidential election. It’s now setting its sights on the 2026 midterm elections. The PAC has earmarked roughly $103 million for the midterms.

With Republicans controlling the White House, Senate and House of Representatives, crypto proponents are hopeful that Congress will prioritize bills like the Financial Innovation and Technology for the 21st Century Act and stablecoin legislation.