Is Paul Atkins Trump's replacement for Gary Gensler at the SEC?
November 28, 2024
President-elect Donald Trump has reportedly interviewed Paul Atkins for the position of Securities and Exchange Commission (SEC) chairman. Several reports have claimed that Atkins is the current favorite for the role, boosting his odds in the speculation market.
Atkins previously served as chairman of the Securities and Exchange Commission and continued to advocate for cryptocurrencies in the private sector after his term ended.
Paul Atkins: The Next SEC Chairman?
According to a Bloomberg report, Trump is considering Atkins as a front-runner for the role. Since 2020, Atkins has served on the advisory board of the Chamber of Digital Commerce. He is known for his support for blockchain development and investments.
If selected, Atkins would replace Gary Gensler in late January once Trump takes office. The current SEC chairman announced his impending resignation earlier this month while also defending his bearish outlook on the cryptocurrency market.
“Atkins is seen as someone who is not only knowledgeable about cryptocurrency but also has a deep understanding of the agency’s inner workings as a former commissioner and staffer. Atkins is seen as able to set a pro-innovation agenda while returning the agency to a … standard that many feel was lost under … Gensler,” Fox Business reporter Eleanor Teret claimed.
Donald Trump has vowed to support cryptocurrencies with a comprehensive plan of appointments and reforms in his incoming administration. Although Trump plans to transfer much of the SEC’s jurisdiction over cryptocurrencies to the Commodity Futures Trading Commission (CFTC), the SEC remains a vital component of crypto regulation. In this role, Atkins could greatly benefit the industry.
Terrett claimed that Atkins is currently the most likely candidate for the position, but that is not certain. There are several other candidates, including those with experience at the SEC, also in the running. For example, “the mother of cryptocurrency” Hester Peirce, who is currently an SEC commissioner under Gensler, is also a potential candidate.
If nothing else, these rumors have proven true in the past. As BeInCrypto previously reported, Trump has also nominated crypto-friendly candidate Scott Bessent for the role of Treasury Secretary. If the rumours prove true, Paul Atkins would lead a more friendly SEC than Gensler.
Overall, it is now more likely that the US will have a cryptocurrency advocate as the leader of the SEC and that regulatory scrutiny of the industry will likely ease.