Trump favors former SEC commissioner's plan to shake up regulators
According to foreign media reports (UNCHAINED), the next U.S. President Trump is considering appointing Paul Atkins as the new chairman of the U.S. Securities and Exchange Commission (SEC). Atkins, who served as an SEC commissioner under President George W. Bush and is currently CEO of Patomak Global Partners LLC, has extensive experience in the financial regulatory industry. According to multiple sources, Trump has locked in Atkins for this appointment. This nomination not only reflects Trump’s rearrangement of financial supervision, but also shows his strategic considerations for cryptocurrency regulatory policies.
During his tenure as an SEC commissioner (2002 to 2008), Atkins established an excellent professional reputation. He is known for his deep understanding of financial regulations and extensive experience in the securities industry, making him an ideal candidate to lead the SEC. In addition to serving as CEO of Patomak Global Partners, he is currently an independent director and non-executive chairman of BATS Global Markets, showcasing his diverse professional background in the financial industry.
Struggling to let go of private business, hesitating over clearing up regulatory chaos
However, according to sources close to Atkins, he has a reserved attitude toward taking over as SEC Chair. As the CEO of a company specializing in financial services, regulatory compliance, and crisis management consulting, Atkins seems reluctant to give up his currently successful private business. Sources indicate that he may need to wait until the company is ready to operate before considering leaving his current position.
It is noteworthy that Atkins' hesitation to take over the SEC is partly due to his belief that the current SEC is large and poorly managed. Former CFTC Chairman Chris Giancarlo has publicly stated that cleaning up the 'mess' left by current SEC Chair Gary Gensler will be a daunting task. This perspective also reflects Atkins' own hesitation about taking over. Completely reversing the SEC's current operational model would require substantial time and resources, which is undoubtedly a difficult choice for someone like Atkins who has already achieved success in the private sector.
The cryptocurrency community looks forward to new changes, but the appointment prospects remain uncertain.
Despite Atkins' considerable reputation in the cryptocurrency industry and his active support for its development, whether he will ultimately accept this appointment remains uncertain. Since 2017, Atkins has served as co-chair of the Digital Chamber's Token Alliance, providing regulatory advice to digital finance companies through his consulting firm, demonstrating his ongoing interest in the cryptocurrency industry.
Industry insiders expect that if Atkins is nominated, he may bring a more innovation-friendly and cryptocurrency-supportive regulatory direction to the SEC. Experts in Washington generally believe that the Trump administration may scale back the SEC's regulation of the $3 trillion digital asset market, opting instead to support the Commodity Futures Trading Commission (CFTC) in its regulation. The CFTC is seen as taking a more lenient approach to regulation, as its regulated markets are mainly comprised of established institutional traders.
It is worth noting that the Trump team has communicated with leaders in the cryptocurrency industry, and betting odds on Kalshi predict a 69% chance of Atkins taking over. However, the final appointment still requires Senate confirmation, and the cryptocurrency community will be watching closely for the next steps in SEC regulation. Currently, one of the five commissioner seats at the SEC will also become vacant following Jamie Lizárraga's announcement of departure, which further adds to the uncertainty of the regulatory body's future developments.
Source: Kalshi - users predict who will take over as SEC Chair, Paul Atkins leads with 69%
As a former commissioner who served at the SEC, Atkins enjoys a high reputation in conservative circles. He is well acquainted with Scott Bessent, the Treasury Secretary candidate appointed by Trump, which also increases the likelihood that he may accept the appointment. However, to date, Atkins himself has remained silent regarding whether he will accept the position of SEC Chair, leaving the entire appointment process unresolved.
'Former commissioner! Trump wants Atkins to be SEC Chair, but he seems uninterested in taking on the mess' - this article was first published in 'Crypto City'