There are reports that US President-elect Donald Trump will nominate former Securities and Exchange Commission (SEC) Commissioner Paul Atkins to succeed resigning SEC Chairman Gary Gensler.
🚨 JUST IN: Trump has reportedly selected Paul Atkins as his choice for SEC Chair, according to Unchained Crypto.
Atkins often advocated for a more measured and less intrusive approach to financial regulation.
He has been a vocal critic of overregulation.
This is bullish! pic.twitter.com/NWcdLNMWxM
— Satoshi Club (@esatoshiclub) December 3, 2024
A source familiar with the matter told Unchained on Tuesday that Trump is coordinating a final decision and an announcement could be made as early as yesterday.
Crypto Community Welcomes Atkins Back
Atkins, who served as SEC commissioner during the presidencies of George W. Bush and Bill Clinton from 2002 to 2008, is considered a cryptocurrency-friendly figure.
Currently serving as CEO of Patomak Global Partners, which advises banks, cryptocurrency firms, and financial transaction firms, Atkins is known for his extensive regulatory experience.
His nomination is being interpreted as a signal that he intends to fulfill Trump’s campaign promise to support cryptocurrency innovation and provide clear regulatory guidance.
Fox Business reporter Eleanor Terrett teased the announcement in a post on X (formerly Twitter) on Monday :
🚨NEW: @realDonaldTrump’s pick to replace @GaryGensler as @SECGov Chair could be announced as soon as tomorrow, sources tell @FoxBusiness. Stay tuned 📺.
— Eleanor Terrett (@EleanorTerrett) December 3, 2024
Gensler resigns amid controversy
Gensler announced his resignation last month, effective January 20, the day Trump takes office.
As SEC chairman, Gensler has been a vocal proponent of cracking down on securities law violations by cryptocurrency companies such as Ripple, Coinbase, and Kraken.
While some have praised Gensler for the SEC’s tough stance, he has also been criticized for a lack of clarity on virtual asset regulation.
“The SEC is an incredible agency, and it has been the honor of my life to serve the American people,” Gensler said in a resignation statement.
Atkins’ appointment is seen as part of a broader shakeup in SEC leadership.
In addition to Gensler’s departure, Democratic Commissioner Jamie Lizarra also announced her intention to resign in January, leaving the SEC with Republican Commissioners Hester Pierce and Mark Uyeda and Democrat Caroline Crenshaw.
With Crenshaw’s term set to expire soon, Trump will have an opportunity to reshape the SEC’s structure and policy direction.
Pierce and Uyeda are known for their pro-market stances and are also being mentioned as candidates for chairman, but Atkins is seen as a strong candidate due to his long experience and connections with the industry.
Is the US Creating a Crypto-Friendly Regulatory Environment?
Atkins’ potential appointment is creating optimism in the crypto industry. While Gensler’s administrative policies were seen as stifling innovation, Atkins is expected to focus on providing clear guidance for compliance and adopt a collaborative rather than punitive approach.
Trump’s choice reflects a strategic shift to position the United States as a global leader in digital finance.
While there’s no guarantee that Atkins will realize this vision, his track record and past actions suggest a penchant for working with the cryptocurrency industry.
As Trump focuses on his Cabinet nominations, the regulatory environment for cryptocurrencies in the United States is being shaped at Mar-a-Lago.
- El Salvador discovers enormous gold reserves worth 3 trillion USD – a new opportunity for Bitcoin? - December 12, 2024
- Alex Krüger: Bitcoin is in a “super cycle” - December 12, 2024
- New inflation data released: What does this mean for the economy and cryptocurrencies? - December 12, 2024
