President-elect Donald Trump announced on Wednesday that he is nominating Paul Atkins, a former federal regulator with pro-business views, to head the Securities and Exchange Commission (SEC). Atkins, who served as a Republican SEC commissioner under President George W. Bush from 2002 to 2008, is seen as a supporter of the cryptocurrency industry. Trump praised Atkins as a “proven leader for common sense regulations” in a post on Truth Social.
The SEC is an independent agency responsible for overseeing Wall Street, aiming to protect investors from fraud and misconduct while ensuring fairness and efficiency in the financial markets. Under the leadership of Gary Gensler, appointed by President Joe Biden, the SEC has had a tense relationship with Wall Street, focusing on more stringent regulations. Gensler is set to step down in January, and it is expected that the SEC will shift towards deregulation under Atkins’ leadership.
Atkins, 66, is the founder and CEO of Patomak Global Partners, a financial consulting firm that works with clients in the cryptocurrency sector, including exchanges and other crypto companies.
In a statement, Trump said that Atkins believes in the potential of strong, innovative capital markets that meet the needs of investors and contribute to making the U.S. economy the best in the world. Trump also emphasized that Atkins understands the importance of digital assets and other innovations in helping to make America even greater than before.
Atkins, a prominent figure in Republican business circles, serves as co-chairman of the Digital Chamber’s Token Alliance, which has supported Bitcoin and other digital currencies by opposing SEC regulations targeting the sector.
During Gensler’s tenure, the SEC took a strong stance against the cryptocurrency industry, filing lawsuits against companies like Coinbase, Kraken, and Binance, accusing them of violating SEC rules by failing to register with the agency.
In an appearance on a pro-crypto podcast last year, Atkins stated that the financial system has numerous regulations that hinder financial innovation. He argued that the SEC should stay attuned to these developments, identifying emerging trends and working to support activities that are legal, while fostering market growth.
