President-elect Donald Trump announced Wednesday that it intends to name cryptocurrency advocate Paul Atkins as chairman of the Securities and Exchange Commission.
Trump said Atkins, the CEO of Patomak Partners and a former SEC commissioner, is a “proven leader for common sense regulation.”
“He believes in the promise of robust, innovative capital markets that are responsive to investor needs and provide the capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are critical to making America greater than ever before,” Trump wrote on Truth Social.
The commission oversees the securities and investment markets in the US.
If confirmed next year by a new Republican-led Senate, Atkins would replace Gary Gensler as the president of the commission. Gensler, who is leading the US government’s crackdown on the crypto industry, announced last month that he would step down from his post on the day Trump is inaugurated – January 20, 2025.
Trump, once a crypto skeptic, promised that the US would make “the crypto capital planet” and create a “strategic reserve” of bitcoins. Money flowed in crypto assets since he won. Bitcoin, the largest cryptocurrency, is now above $95,000.
Players in the crypto industry hailed Trump’s victory in hopes of pushing through legislative and regulatory changes they have long lobbied for.
Trump also launched World Liberty Financial, a a new venture trade cryptocurrencies with family members.
