Trump selects crypto liberal Paul Atkins as SEC chairman; Atkins likely to provide clearer crypto regulation; Senate confirmation required; Trump may seek recess appointment There is also
President-elect Donald Trump has selected Paul Atkins, a passionate advocate for the cryptocurrency industry, to be the next chairman of the U.S. Securities and Exchange Commission (SEC).
Current SEC Chairman Gary Gensler will retire in January 2025.
The move is an important step in fulfilling President Trump’s campaign promise to reshape the regulatory environment for digital finance and clarify the rules for cryptocurrencies.
Atkins’ support for cryptocurrencies
Mr. Atkins, who served as SEC commissioner under President George W. Bush, is well known for his liberal views and is respected in conservative legal circles.
Since leaving the SEC, Mr. Atkins has been an outspoken supporter of the cryptocurrency industry, particularly in his role as co-chair of the Digital Chamber of Commerce’s Token Alliance. In addition, Mr. Atkins is the founder of Patomac Global Partners, a consultancy he founded in 2009 to advise digital financial companies on regulatory compliance.
Cryptocurrency market expects improvement under President Trump’s leadership
Atkins’ selection comes as President Trump seeks to provide clearer guidelines for the cryptocurrency market, which has long been dissatisfied with SEC Chairman Gary Gensler’s approach.
Under Gensler’s leadership, the SEC has been criticized for moving forward with enforcement actions against crypto companies without establishing a clear regulatory framework. This led to widespread dissatisfaction within the crypto industry, with many calling for a more transparent and collaborative approach.
However, Gensler announced his resignation on January 20, the day President Trump is scheduled to be inaugurated, leaving room for a new leader to take over the SEC.
At his campaign rally, Mr. Trump pledged to make the United States the “capital of the world” for cryptocurrencies and pledged to replace Mr. Gensler to help establish clearer rules for the industry. He also proposed the creation of an advisory board to focus on crypto policy and proposed a national Bitcoin strategic reserve.
Atkins’ selection signals a strong push for crypto-friendly regulation, a move that is likely to be welcomed by the industry, especially after years of uncertainty.
There have been reports that Atkins is reluctant to accept the role, but attention now shifts to the Senate, which will be responsible for approving or rejecting Atkins’ appointment, although Trump is willing to adjourn if necessary. There is a possibility that he will choose a mid-term appointment.
