Trump appoints Paul Atkins as Securities and Exchange Commission Chair
President-elect Donald Trump has selected Paul Atkins, a seasoned financial regulator and self-professed libertarian, to chair the Securities and Exchange Commission. This decision, announced on Truth Social, comes in the wake of current SEC chair Gary Gensler’s plan to step down on the final day of President Biden’s term.
In choosing Atkins, Trump continues his commitment to promoting a regulatory environment that is favorable to the finance and crypto industries. Trump described Atkins as a proponent of sensible regulations that support robust, innovative capital markets responsive to investor needs and instrumental in driving economic prosperity. Atkins also recognizes the significance of digital assets and innovations in advancing America’s greatness.
Atkins is the CEO and founder of Patomak Global Partners, a financial services consultancy well-known for providing risk management, regulatory, and compliance advice to fintech companies, particularly those involved in the cryptocurrency space.
Having served as a SEC commissioner between 2002 and 2008 following his appointment by President George W. Bush, Atkins has advocated for free markets while ensuring investor protection. His anticipated agenda includes advocating for fewer regulations and reduced penalties for securities violations, in stark contrast to Gensler’s approach.
Atkins’ appointment is widely perceived as a significant win for the crypto industry, as he has been a vocal advocate for the sector. He previously served as the co-chair of the Digital Chamber’s Token Alliance, advocating for clearer regulations on digital assets. Industry leaders, including Kristin Smith, CEO of the Blockchain Association, have praised Atkins’ selection for offering a fresh perspective rooted in a deep understanding of the digital asset ecosystem.
Before officially assuming the role, Atkins will undergo a Senate confirmation hearing, likely encountering less resistance compared to some of Trump’s other controversial nominees. Recent contenders for the position have included Mark Uyeda, a current SEC commissioner, and Dan Gallagher, Robinhood’s chief legal officer, but Atkins has emerged as the frontrunner.
This appointment has been eagerly awaited on Wall Street, as it signals a potential shift in regulatory priorities at the SEC. Stay informed on the latest in crypto by exploring Fortune’s Crypto Crash Course for valuable insights and updates.
