Pro-Crypto Advocate Paul Atkins Emerges as Trump’s Pick for SEC Chair

Key Takeaways:

• President-elect Donald Trump has selected Paul Atkins, a former SEC commissioner and crypto advocate, to serve as SEC Chair.
• Atkins is known for his pro-innovation stance and steadfast support of the crypto industry.
• The selection follows Gary Gensler’s announcement of his resignation as SEC chair, effective January 20, 2025.

President-elect Donald Trump has reportedly selected Paul Atkins as the leading nominee for the Chair of the U.S. Securities and Exchange Commission (SEC). 

Atkins, a former SEC commissioner with a proven track record of supporting market innovation, is expected to implement a more crypto-friendly approach than his predecessor, Gary Gensler.

Paul Atkins’ Background and Crypto Advocacy

Paul Atkins, who served as an SEC commissioner during George W. Bush's administration, has long championed free markets and minimal regulatory intervention. 

🚨NEW: Former SEC commissioner Paul Atkins is said to still be the favorite among top transition team members to lead the @SECGov, according to two sources close to discussions at Mar-a-Lago. @FoxBusiness, @CGasparino reported earlier this week that Atkins was in the lead for the…

— Eleanor Terrett (@EleanorTerrett) November 27, 2024

After concluding his tenure at the SEC in 2009, Atkins founded Potomak Global Partners, a consultancy specializing in advising digital finance firms on navigating regulatory challenges.

In 2017, Atkins assumed the role of the co-chair of the Token Alliance at the Digital Chamber of Commerce, further solidifying his reputation as a proponent of blockchain technology and cryptocurrencies. 

His extensive expertise in the crypto sector has earned him respect among industry leaders who view him as a potential ally in Washington. 

“Senate Republicans really respect the tradition of Commissioner Paul Atkins,” remarked J.W. Verret, a professor at George Mason University and former SEC Advisory Committee member. 

Other candidates under consideration include former acting comptroller of the currency Brian Brooks and ex-SEC attorney Teresa Goody Guillen.

Atkins’ nomination comes as Gary Gensler prepares to step down as SEC chair in January 2025. Trump had also stated his intention to remove Gensler upon taking office. 

On January 20, 2025 I will be stepping down as @SECGov Chair.

A thread 🧵⬇️

— Gary Gensler (@GaryGensler) November 21, 2024

Under Gensler’s leadership, the SEC has aggressively pursued enforcement actions against crypto firms, applying existing securities laws to digital assets.

While some applauded Gensler’s firm stance on investor protection, others criticized his approach for stifling innovation and driving crypto businesses overseas.

Trump’s Broader Crypto Strategy And  Policy Implications

Atkins’ nomination aligns with Trump’s larger vision for cryptocurrency integration into U.S. economic policy. 

In recent weeks, Trump has unveiled plans to create a “Crypto Advisory Council” to guide his administration’s policies and establish a “Strategic Bitcoin Reserve” utilizing government-seized crypto assets.

Trump’s administration is also reportedly exploring the possibility of shifting cryptocurrency oversight from the SEC to the Commodity Futures Trading Commission (CFTC). 

🇺🇸BREAKING: The Trump administration is considering placing crypto regulatory power with the @CFTC, instead of the @SECGov, to promote lighter regulation and more innovation.

Former CFTC Chair, Chris Giancarlo, gives his thoughts on this pro-crypto stance. pic.twitter.com/paWpsz9aKo

— CryptosRus (@CryptosR_Us) November 27, 2024

The CFTC, under former Chair Chris Giancarlo, earned a reputation for its innovation-friendly stance by approving Bitcoin futures in 2017. Such a move could redefine regulatory boundaries and signal a major policy shift.