Today in Crypto: SEC Gets a New Chair, Trump Shakes Up Tariffs, and Argentina Probes Milei’s Memecoin Scandal

Paul Atkins Confirmed as SEC Chair, Signaling a Pro-Crypto Shift

In a closely watched vote on April 9, the U.S. Senate confirmed Paul Atkins as the new chair of the Securities and Exchange Commission (SEC), replacing Gary Gensler. The 52–44 decision followed party lines, with Republicans supporting Atkins, a long-time advocate for a clearer and more favorable regulatory environment for digital assets.

Atkins brings deep financial and regulatory experience, having served as an SEC commissioner from 2002 to 2008 and later founding the consulting firm Patomak Global Partners. More recently, he co-chaired the crypto lobbying group Token Alliance until late 2024.

At his Senate confirmation hearing in March, Atkins emphasized a shift in regulatory tone:

“My priority is to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach.”

This marks a notable departure from Gensler's more aggressive enforcement stance, which led to multiple lawsuits and investigations into crypto firms during his tenure. Markets reacted positively to the confirmation, with optimism building around a more innovation-friendly SEC.

Trump Suspends Some Tariffs, Spares China No Mercy

In a surprise policy move on the same day, President Donald Trump announced a 90-day pause on his administration’s reciprocal tariffs—lowering tariffs to 10% on non-retaliating countries. However, he imposed a sharp increase to 125% on Chinese imports, citing continued economic aggression from Beijing.

Source: Donald Trump

Trump posted on Truth Social:

“At some point, hopefully, in the near future, China will realize that the days of ripping off the USA, and other countries, is no longer sustainable or acceptable.”

The stock market responded swiftly. The S&P 500 surged nearly 7%, underscoring investor sensitivity to trade policy and its impact on global markets. Crypto markets showed mixed reactions, as traders weighed the inflationary risks of heightened tariffs against improved clarity around trade policy.

Argentina Launches Investigation into President Milei’s LIBRA Memecoin Promotion

In South America, political and financial drama unfolded as Argentina’s Chamber of Deputies approved an investigation into President Javier Milei’s alleged involvement in promoting the LIBRA memecoin—a token now accused of being a fraudulent scheme.

The vote passed 128 to 93, with seven abstentions, despite a prior failure in the Senate. The controversy stems from Milei’s social media promotion of LIBRA to his 3.8 million followers, which drove the token’s price up to $5 and briefly pushed its market cap to $4 billion.

Critics, including economist Claudio Lozano and lawyer Jonatan Baldiviezo, argue that Milei used his political influence to boost a pump-and-dump scam. A lawsuit filed against him accuses the president of participating in an “illicit association” that defrauded over 40,000 investors.

NGO Observatorio del Derecho a la Ciudad also filed a case, citing LIBRA as a classic rug-pull scam. As investigations continue, the case could have broad implications for crypto regulation and political accountability in the region.