President-elect Donald Trump announced Wednesday that he plans to appoint cryptocurrency attorney Paul Atkins as chairman of the Securities and Exchange Commission.
Trump said Atkins, the CEO of Patomak Partners and a former SEC commissioner, was a “proven leader in common-sense regulations.” In the years since his departure from the SEC, Atkins has taken a stand against too much market regulation.
“He believes in the promise of robust, innovative capital markets that respond to investor needs and provide capital to make our economy the best in the world. He also recognizes that digital tools and other innovations are critical to making America greater than ever before,” Trump wrote on Truth Social.
The commission oversees U.S. securities markets and investments and is currently led by Gary Gensler, who has led the U.S. government’s crackdown on the crypto industry. Gensler, who was nominated by President Joe Biden, announced last month that he would leave office on the day Trump is inaugurated – January 20, 2025.
Trump, once a crypto skeptic, had promised to make the US “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Since he won, money has poured into crypto assets. Bitcoin, the largest cryptocurrency, is now above $95,000.
Atkins began his career as a lawyer and has a long history in the financial markets industry, both in government and private practice. In the 1990s, he served on the staffs of two former SEC chairmen, Richard C. Breeden and Arthur Levitt.
His work as SEC commissioner began in 2002, a time when the fallout from corporate scandals at Enron and WorldCom had increased pressure on Wall Street and its government regulators.
Atkins was widely considered the most conservative member of the SEC during his tenure at the agency and was known for his strong pro-market leanings. As commissioner, he called for greater transparency and analysis of the costs and benefits of new SEC rules.
He also emphasized investor education and increased enforcement efforts against those who steal from investors over the Internet, manipulate markets, engage in Ponzi schemes and other forms of fraud.
At the same time, Atkins objected to the harsh penalties imposed on companies accused of fraudulent behavior, arguing that they did not deter crime. He caused a stir in the summer of 2006 when he said that the practice of granting stock options to executives before the announcement of news that was sure to increase the stock price was not insider trading.
Atkins already has some experience working for Trump. During Trump’s first term, Atkins served on the president’s Strategic and Policy Forum, an advisory group of more than a dozen CEOs and business leaders who provided input on how to create jobs and speed economic growth.
In 2017, Atkins joined the Token Alliance, a cryptocurrency advocacy organization.
Crypto industry players welcomed Trump’s victory, hoping he would implement regulatory changes they have long lobbied for.
Trump himself has launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.
