President-elect Donald Trump is considering Paul Atkins, a seasoned financial regulator and advocate for deregulation, as the next chair of the US Securities and Exchange Commission (SEC), according to sources familiar with the matter as reported by Bloomberg News.
Atkins, a Republican SEC commissioner during the George W. Bush administration, has emerged as a leading candidate to replace outgoing SEC Chair Gary Gensler. His potential appointment marks a significant shift in regulatory priorities, signaling a pivot towards a more crypto-friendly approach under the Trump administration.
Known for his advocacy for crypto and fintech innovation, Atkins has testified before Congress on restructuring the SEC to streamline operations and eliminate redundancies. He founded Patomak Global Partners, a consulting firm catering to financial industry clients, and has built a reputation for favoring market-driven innovation.
The potential appointment of Atkins aligns with Trump’s campaign promises to reduce regulatory burdens and embrace crypto. Trump has pledged to establish a strategic Bitcoin reserve, appoint crypto-supportive regulators, and end what he perceives as the current administration’s “anti-crypto crusade.”
This shift in regulatory stance contrasts sharply with Gensler’s approach, who will step down on Jan. 20. Gensler applied a “regulation by enforcement” strategy towards the crypto industry, leading crackdowns on major firms like Kraken, Coinbase, Binance, and Ripple. The lack of regulatory clarity under Gensler’s administration has made it challenging for blockchain industry players to comply with US rules.
Atkins is not the only candidate being considered for the role of SEC Chair. Other contenders include current SEC Commissioner Mark Uyeda, former Commodity Futures Trading Commission (CFTC) Chair Heath Tarbert, and Robert Stebbins, a partner at Willkie Farr & Gallagher LLP. The list also includes former Binance.US executive Brian Brooks, Robinhood’s chief legal officer Dan Gallagher, and SEC Commissioner Hester Peirce.
The potential appointment of Atkins as the next SEC Chair reflects a broader shift in regulatory priorities towards a more crypto-friendly approach under the Trump administration. As the transition unfolds, the crypto industry will be closely watching to see how regulatory policies evolve in the coming months.