President-elect Donald Trump has appointed Paul Atkins, a veteran financial regulator and self-proclaimed libertarian, to chair the Securities and Exchange Commission.
Trump’s selection of Atkins, which he announced at Truth Social, comes two weeks after current SEC Chairman Gary Gensler said he will step down on January 20, the last day of President Biden’s term. With this choice, Trump continues to deliver on his promise to maintain a supportive regulatory environment for the financial and crypto industries.
“Paul is a proven leader in common sense regulation,” Trump said Wednesday on Truth Social. “He believes in the promise of robust, innovative capital markets that respond to the needs of investors and provide capital to make our economy the best in the world. It also recognizes that digital assets and other innovations are critical to making America greater than ever before.”
Atkins is the founder and CEO of financial services consultancy Patomak Global partners. The group is well known for providing risk management, regulatory and compliance advice to a wide range of fintech companies with a growing interest in cryptocurrency platforms.
Between 2002 and 2008, Atkins served as SEC commissioner after being appointed by George W. Bush. During his tenure, he championed free markets while emphasizing the commission’s responsibility to protect investors. He is expected to push for reduced regulations and penalties for securities violations, a sharp departure from Gensler.
His election is seen as a major victory for the crypto industry, which has often been at odds with Gensler, who has been extremely unpopular in the industry for what critics have called aggressive regulation through enforcement. Atkins is a strong advocate for cryptography, co-chairing the Digital Chamber’s Token Alliance since 2017, which is pushing for clearer rules for digital assets.
Industry leaders celebrate the choice X. Blockchain Association CEO Christine Smith wrote in a statement that Atkins is an “excellent choice” and that he “offers a fresh perspective based on a deep understanding of the digital asset ecosystem.”
Atkins must pass a Senate hearing before being formally appointed, but is likely to face less opposition than some of Trump’s other controversial picks.
Wall Street has been eagerly awaiting the announcement for the past few weeks, as current SEC Commissioner Mark Ueda and Robinhood Chief Legal Officer Dan Gallagher were named as potential election before Atkins emerged as the frontrunner earlier this week.
