President-elect Donald Trump has selected 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 on Truth Social, comes two weeks after current SEC chairman Gary Gensler he said he would step down on January 20, the last day of President Biden’s term. With this selection, Trump continues to deliver on his promise to support a favorable regulatory environment for the financial and crypto industries.
“Paul is a proven leader for common sense regulations,” Trump said Wednesday at the Truth Social. “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.”
Atkins is the founder and CEO of financial services consulting firm Patomak Global partners. The group is 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 was a commissioner of the SEC, after being appointed by George W. Bush. During his mandate, he advocated for free markets, stressing the Commission’s responsibility to protect investors. He is expected to push for less regulation and lower penalties for securities violations, a stark contrast to Gensler.
His selection is seen as a major victory for the crypto industry, which has often been at odds with Gensler, who has been deeply unpopular in the industry for what critics have called an aggressive approach to regulation through enforcement. Atkins is a strong proponent of crypto, and since 2017 has served as co-chair of the Digital Chamber’s Token Alliance — which advocates for clearer regulations for digital assets.
Industry leaders are celebrating the selection X. Blockchain Association CEO Kristin Smith wrote in a statement that Atkins is an “excellent choice” and will “offer a fresh perspective, based on a deep understanding of the digital asset ecosystem.”
Before being officially named to the position, Atkins must go through a Senate hearing, but he is likely to face less resistance than some of Trump’s other controversial picks.
Wall Street has been anxiously awaiting the announcement for the past several weeks, with current SEC Commissioner Mark Uyeda and Robinhood Chief Legal Officer Dan Gallagher highlighted as potential picks before Atkins emerged as the front-runner earlier this week.
