Paul Atkins, a former SEC commissioner with a pro-crypto stance, was chosen by president-elect Donald Trump to lead the regulatory agency.
In Summary
Donald Trump appointed Paul Atkins as the next Chairman of the SEC, highlighting his favorable approach to crypto innovation.
Atkins, former SEC commissioner and current CEO of Patomak Global Partners, criticizes the regulatory uncertainty under Gensler’s tenure.
Gensler announced his resignation in January, following strong criticism for his strict enforcement measures against the cryptocurrency market.
President-elect Donald Trump announced on Wednesday via Truth Social that he has chosen Paul Atkins, former commissioner of the U.S. Securities and Exchange Commission (SEC), to lead the regulatory agency as its next Chairman.
Portrayed as a crypto-friendly successor to SEC Chairman Gary Gensler, Atkins served as SEC commissioner for six years after his appointment by President George W. Bush.
Currently, Atkins is the CEO of Patomak Global Partners, a financial services consulting firm.
"Paul is a proven leader in common-sense regulations," wrote Trump. "He believes in the promise of robust and innovative capital markets that respond to the needs of investors and provide capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are crucial to making America greater than ever."
During his service at the SEC as a commissioner, Atkins examined the agency's compliance and decision-making activities, advocating for "better transparency and consistency," according to the Federalist Society, a conservative legal group.
Gensler, who has provoked the ire of the crypto ecosystem with an aggressive series of enforcement actions under his leadership, announced last month that he would resign in January when Trump takes over the White House.
Gensler's announcement was widely celebrated by cryptocurrency advocates, who argue that the SEC has overstepped its authority by regulating broad sectors of the crypto market.
During a discussion panel organized by the Federalist Society in April, Atkins described the regulatory uncertainty in the crypto space as "enormous." He also labeled Gensler’s repeated calls for token issuers to register with the agency as "insincere," arguing that the requirements do not clearly fit the technology.