Emily Walker
As Donald Trump approaches the finalization of his cabinet selections, Paul Atkins is emerging as a prime candidate to lead the US Securities and Exchange Commission (SEC) and promote a pro-cryptocurrency agenda within the new administration.
According to sources at Bloomberg, Atkins has been interviewed as part of Trump’s transition efforts, making him a leading contender to take over from outgoing SEC Chairman Gary Gensler.
Pro-Crypto Candidate to Succeed Gensler
Gensler, who announced his departure starting January, has been criticized for his tough regulatory stance, especially regarding cryptocurrencies, following major collapses like FTX.
Atkins served as a Republican SEC commissioner during George W. Bush’s administration and later established Patomak Global Partners, a consulting firm dedicated to the financial sector.
His background includes collaboration with two former SEC Chairs, Richard C. Breeden and Arthur Levitt, giving him a deep insight into the agency’s workings.
The Trump administration is expected to implement a different regulatory approach, with the former president promising to appoint regulators who are supportive of cryptocurrencies and create a strategic Bitcoin reserve that aligns with Atkins’ pro-crypto beliefs.
Karoline Leavitt, Trump’s spokesperson, commended the quick pace of cabinet selections, suggesting that further announcements will be made soon.
Future of the SEC
Besides Atkins, other candidates in consideration include current SEC Commissioner Mark Uyeda, former Commodity Futures Trading Commission Chairman Heath Tarbert, and Robert Stebbins from the law firm Willkie Farr & Gallagher LLP.
However, Fox journalist Eleanor Terret indicates that Atkins is particularly favored by Trump’s closest advisors, especially during discussions at Mar-a-Lago regarding the administration’s future plans.
These anticipated SEC changes come at a pivotal moment for the cryptocurrency market, which has been under stringent regulatory scrutiny during Gensler’s term. His leadership has been marked by a strict enforcement strategy that many industry players believe lacked clarity.
Terret expresses that Atkins’ potential role could revert the SEC to what Republicans consider the “gold standard” of regulation—balancing oversight with the promotion of innovative practices in the industry.
While the SEC will continue to focus on traditional enforcement areas like fraud and insider trading, Atkins is expected to push for policies that foster growth in the digital asset arena. Terret added:
He’s pro-crypto but perhaps more importantly, he’s got policy expertise in other aspects of the $100 trillion securities markets under SEC oversight… With most of Trump’s cabinet selections announced, the transition team is now prioritizing federal agency positions, although the timing of those announcements remains uncertain and could happen any day.
Image source: DALL-E, chart from TradingView.com