Paul Atkins, a former SEC commissioner and long-time advocate for the cryptocurrency industry, has been nominated by President-elect Donald Trump.
Paul Atkins, a former SEC commissioner and long-time advocate for the cryptocurrency industry, has been nominated by President-elect Donald Trump to chair the U.S. Securities and Exchange Commission (SEC). Trump made the announcement on Dec. 4, highlighting Atkins’ regulatory expertise and his leadership at Patomak Global Partners, a consultancy firm he founded in 2009. Atkins previously served as SEC commissioner from 2002 to 2008 under President George W. Bush. During that time, he gained a reputation for promoting transparency and investor protection, key principles he has carried into his work in the cryptocurrency space.
Atkins has been involved in the digital asset sector as co-chair of the Token Alliance under the Digital Chamber of Commerce since 2017. He has worked on establishing best practices for digital token issuances and fostering innovation within the cryptocurrency industry. His nomination follows the announcement of current SEC Chair Gary Gensler’s resignation, effective Jan. 20, 2025, coinciding with Trump’s inauguration. Gensler’s tenure has been controversial, marked by a strict enforcement approach against the cryptocurrency sector.
Republican lawmakers and industry leaders have welcomed Atkins’ nomination. Coinbase Chief Legal Officer Paul Grewal described Atkins’ leadership as crucial for the industry, while House Financial Services Committee Chair Patrick McHenry expressed hopes for clearer regulatory guidelines for digital assets. Critics of Gensler’s SEC, such as Majority Whip Tom Emmer, pointed to Atkins’ potential to end the era of “regulation by enforcement,” which resulted in 104 lawsuits against crypto firms between 2021 and 2023, costing the industry an estimated $426 million in legal fees.
Atkins’ nomination has already had an impact on the cryptocurrency market. Filings for Solana exchange-traded funds (ETFs) have surged, with companies like Bitwise, VanEck and 21Shares seeking SEC approval. Bitcoin’s price has also seen upward movement, reflecting optimism about a more favorable regulatory environment under Atkins’ potential leadership. Analysts predict that many ongoing lawsuits targeting crypto firms could be reconsidered once Atkins assumes office.
Before selecting Atkins, Trump reportedly considered other candidates for the SEC chair role, including Robinhood executive Dan Gallagher and former CFTC chairman Chris Giancarlo. The President-elect emphasized Atkins’ focus on capital market growth and innovation as critical to his administration’s vision. The nomination now awaits Senate confirmation, though Trump could use a recess appointment if necessary. This move is seen as a potential turning point for the SEC’s approach to cryptocurrency regulation.
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