President-elect Donald Trump has tapped Paul Atkins, an experienced financial regulator and self-proclaimed libertarian, to chair the Securities and Exchange Commission.
Trump’s choice of Atkins, which he announced on Truth Social comes two weeks after the current SEC chair, Gary Gensler, said he would step down on Jan. 20 on the last day of President Biden’s term. With this selection, Trump continues to make good on his promise to support a favorable regulatory environment for the finance and crypto industries.
“Paul is a proven leader for common sense regulations,” Trump said on Truth Social on Wednesday. “He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial 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 a SEC commissioner, after being appointed by George W. Bush. During his tenure, he advocated for free markets while highlighting the commission’s responsibility to protect investors. He is expected to push for fewer regulations and lower penalties for securities violations, standing in stark contrast to Gensler.
His selection is seen as a major win for the crypto industry, which often found itself at odds with Gensler, who has been wildly unpopular with the industry due to what critics called an aggressive regulation by enforcement approach. Atkins is a strong crypto advocate, serving as the co-chair of the Digital Chamber’s Token Alliance since 2017 — which pushes for clearer regulations for digital assets.
Industry leaders are celebrating the pick on X. CEO of the Blockchain Association Kristin Smith wrote in a statement that Atkins is an “excellent choice,” and that he will “offer a new perspective, anchored by a deep understanding of the digital asset ecosystem.”
Before being officially appointed to the position, Atkins must go through a Senate confirmation hearing, but will likely face less resistance than some of Trump’s other controversial picks.
Wall Street has anxiously awaited this announcement over the past few weeks with current SEC commissioner Mark Uyeda and Robinhood chief legal officer Dan Gallagher being floated as potential picks before Atkins emerged as a lead contender earlier this week.
