President-elect Donald Trump announced Wednesday that he will nominate Paul Atkins, a pro-crypto advocate and former SEC commissioner, to lead the Securities and Exchange Commission.
Atkins is set to replace Gary Gensler, Joe Biden’s outgoing chair, known for his tough regulatory stance on Wall Street and the cryptocurrency industry.
Gensler, who will step down on January 20, introduced over 40 rules during his tenure to enhance transparency, reduce risks, and address conflicts of interest on Wall Street. He also pursued legal action against multiple crypto firms, accusing them of violating SEC regulations.
A seasoned lawyer with extensive experience at the SEC, Atkins is expected to take a different approach, potentially revisiting Gensler’s rules and enforcement actions, adopting a more lenient stance on crypto, and focusing on policies that promote capital formation. “His distinguished record, years of experience in the industry, and history of service at the SEC make him a supremely well-qualified nominee,” said Eric Pan, CEO of the Investment Company Institute.
Currently, Atkins serves as CEO of Patomak Global Partners, a Washington-based strategic and risk management advisory firm he founded in 2009. The firm, staffed with former federal regulators, advises banks, fintech companies, and investment firms. Atkins’ personal clients have included Deutsche Bank and the Chicago Board Options Exchange, according to court records.
