After a pensive period of speculation, President-elect Donald Trump has announced that he intends to nominate Paul Atkins, a former commissioner of the SEC, as the agency’s next chair.
In a statement on his social media platform, Trump described Atkins as a “proven leader for common sense regulations” and highlighted his views on capital market innovation.
“He believes 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,” Trump said.
Atkins' nomination was first floated as a possibility on multiple news outlets covering the crypto space. It wasn't until Wednesday afternoon, when Trump officially gave Atkins the proverbial thumbs up, that numerous mainstream publications carried the news.
Atkins, who's currently the CEO of Patomak Global Partners, is known for his advocacy of free-market principles and his opposition against overregulation in financial markets.
He's set to replace Gary Gensler, who has led the SEC since 2021 and announced plans to step down on January 20, 2025, the same day Trump will take office.
During his tenure, Gensler pursued an aggressive agenda focused on market transparency, investor protection, and enforcement within the cryptocurrency sector. His efforts included filing lawsuits against multiple crypto firms and implementing over 40 rules addressing issues like conflicts of interest and risk reduction.
Industry insiders anticipate that Atkins, who has served on advisory boards for blockchain and digital asset groups, will take a more lenient approach toward cryptocurrency regulation. Ji Kim, chief legal and policy officer at the Crypto Council for Innovation, welcomed the nomination.
“This is a strong, forward-leaning pick. We look forward to a new SEC administration focused on promoting responsible innovation,” Kim said in a statement to Reuters.
Eric Pan, CEO of the Investment Company Institute, also expressed his approval.
"His distinguished record, years of experience in the industry, and history of service at the SEC make him a supremely well qualified nominee," Pan told Reuters. "His leadership will be vital to ensuring the strength, fairness, and integrity of our financial markets."
Atkins’ extensive history with the SEC spans from his role as a staffer for former chairs in the 1990s to his tenure as a commissioner from 2002 to 2008 under President George W. Bush. Known for his criticism of heightened oversight measures and emphasis on cost-benefit analyses for rulemaking, Atkins has also opposed the agency’s recent moves toward environmental, social, and governance investing regulations.
Paul Grewal, chief legal officer of Coinbase, congratulated Atkins in a post on X, the Elon Musk-owned social media platform formerly known as Twitter.
“We appreciate his commitment to balance in regulating U.S. securities markets and look forward to his fresh leadership at (the SEC),” Grewal wrote. “It’s sorely needed and cannot come a day too soon.”
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