President-elect Donald Trump is poised to reshape the tech landscape, signaling a policy shift that could dramatically affect the cryptocurrency industry and the future of Big Tech companies.
Trump’s strategy, which appears to cater to the priorities of his influential Silicon Valley donors, involves two key appointments: Paul Atkins to lead the Securities and Exchange Commission (SEC) and Gail Slater to head the Justice Department’s antitrust division.
Atkins, a known advocate for cryptocurrency and a co-chairman of the Token Alliance at the Digital Chamber, is expected to pursue policies favorable to the crypto industry. Slater, with her background in antitrust investigations and technology policy, is likely to continue a broad crackdown on tech giants such as Amazon, Meta, and Google.
While these appointments may not have the same immediate name recognition as some of Trump’s earlier picks, like former US Rep. Matt Gaetz or former Fox News host Pete Hegseth, their influence on the digital economy could be considerable.
“This is very much a kind of industrial policy, with some areas getting deeper scrutiny and others a lighter touch based on a particular vision of how to steer the market,” explained Gene Kimmelman, a former DOJ antitrust official. Trump’s approach reflects a departure from the strong cryptocurrency regulation favored by the Biden administration’s SEC and indicates a continued focus on antitrust enforcement against major tech platforms.
In a post on Truth Social, Trump wrote, “Big Tech has run wild for years, stifling competition in our most innovative sector and, as we all know, using its market power to crack down on the rights of so many Americans, as well as those of Little Tech! I was proud to fight these abuses in my First Term, and our Department of Justice’s antitrust team will continue that work under Gail’s leadership.”
This focus on “Little Tech” is likely to resonate with prominent tech investors like Marc Andreessen and Ben Horowitz of Andreessen Horowitz (a16z), who have championed this concept and contributed millions to pro-Trump super PACs. Andreessen and Horowitz outlined a “Little Tech Agenda” that criticized regulatory oversight of crypto, argued that tech monopolies stifled startups, and called for a government program to promote US technological dominance.
Andreessen has also criticized what he views as “zombie ideas” that he believes hinder progress, including corporate social responsibility, risk management, and sustainability.
Antitrust experts anticipate that Slater would continue the Biden administration’s efforts on tech competition, inheriting ongoing monopoly cases against Google, Apple, LiveNation, and Visa. William Kovacic, former chair of the Federal Trade Commission, described Slater as “a superb candidate,” and Kimmelman agreed, noting her “excellent credentials and a background in antitrust enforcement.”
Atkins, a former SEC commissioner during George W. Bush’s presidency, has already garnered support from figures within the tech community, with Chris Dixon, an a16z partner, expressing optimism about opportunities under his leadership.
Trump’s embrace of cryptocurrency and his own venture into the digital assets sector, including the launch of a cryptocurrency business with his family and previous attempts to sell virtual trading cards, further underscore his evolving relationship with this burgeoning industry. This shift in policy suggests a desire to reward his wealthiest and most influential donors in Silicon Valley.
