President-elect Donald J. Trump has chosen Paul Atkins, a pro-business conservative, to lead the Securities and Exchange Commission (SEC). Atkins, a former SEC commissioner under President George W. Bush, is known for his advocacy for looser regulations, especially in the crypto asset space. His appointment signals a shift towards a lighter regulatory approach compared to the current SEC chair, Gary Gensler.
Atkins, 66, founded Patomak Global Partners, a financial services consulting firm, after his time at the SEC. The firm advises banks and investment firms on regulatory and compliance matters, with a focus on crypto and digital assets. Atkins is also actively involved in drafting “best practices” for crypto trading platforms and serves as co-chair of the Token Alliance, a part of the Digital Chamber of Commerce.
As a prominent figure in Washington legal circles, Atkins is expected to embrace technological innovation, particularly in the crypto and digital finance sectors. His nomination will require Senate confirmation, but he is already receiving support from industry insiders who believe he will bring a fresh perspective to the SEC.
The crypto industry has been critical of Gensler’s regulatory approach, particularly his classification of crypto assets as securities. Many believe that crypto assets should be treated as commodities or digital currencies, rather than securities subject to SEC oversight. Atkins is likely to take a more hands-off approach to crypto regulation, aligning with Trump’s promise to ease the SEC’s crackdown on crypto during his presidential campaign.
Atkins’ leadership at the SEC could lead to a shift in policy decisions, especially regarding enforcement actions against crypto firms. The industry is hopeful that Atkins will dismiss ongoing enforcement actions, such as the lawsuit against Coinbase, a major crypto exchange. His appointment has been met with enthusiasm from crypto enthusiasts, who see him as a “pro-Bitcoin” choice that will bring a more industry-friendly approach to the SEC.
Overall, Atkins’ appointment represents a new direction for the SEC, one that prioritizes innovation and flexibility in the rapidly evolving crypto landscape. With his background in both regulation and business, Atkins is poised to lead the SEC in a way that supports growth and innovation while ensuring investor protection and market integrity.