President-elect Donald Trump has tapped Paul Atkins, an skilled monetary regulator and self-proclaimed libertarian, to chair the Securities and Exchange Commission.
Trump’s alternative of Atkins, which he introduced on Reality Social comes two weeks after the present SEC chair, Gary Gensler, said he would step down on Jan. 20 on the final day of President Biden’s time period. With this choice, Trump continues to make good on his promise to help a positive regulatory surroundings for the finance and crypto industries.
“Paul is a confirmed chief for frequent sense rules,” Trump mentioned on Reality Social on Wednesday. “He believes within the promise of strong, revolutionary capital markets which might be responsive to the wants of Traders, & that present capital to make our Economic system the most effective within the World. He additionally acknowledges that digital belongings & different improvements are essential to Making America Higher than Ever Earlier than.”
Atkins is the founder and CEO of monetary providers consultancy Patomak Global Partners. The group is well-known for offering danger administration, regulatory and compliance recommendation to a variety of fintech corporations with a rising curiosity in cryptocurrency platforms.
Between 2002 and 2008, Atkins served as a SEC commissioner, after being appointed by George W. Bush. Throughout his tenure, he advocated totally free markets whereas highlighting the fee’s duty to defend buyers. He’s anticipated to push for fewer rules and decrease penalties for securities violations, standing in stark distinction to Gensler.
His choice is seen as a significant win for the crypto business, which regularly discovered itself at odds with Gensler, who has been wildly unpopular with the business due to what critics referred to as an aggressive regulation by enforcement strategy. Atkins is a powerful crypto advocate, serving because the co-chair of the Digital Chamber’s Token Alliance since 2017 — which pushes for clearer rules for digital belongings.
Trade leaders are celebrating the choose on X. CEO of the Blockchain Affiliation Kristin Smith wrote in an announcement that Atkins is an “wonderful alternative,” and that he’ll “provide a brand new perspective, anchored by a deep understanding of the digital asset ecosystem.”
Earlier than being formally appointed to the place, Atkins should undergo a Senate affirmation listening to, however will possible face much less resistance than a few of Trump’s different controversial picks.
Wall Avenue has anxiously awaited this announcement over the previous few weeks with present SEC commissioner Mark Uyeda and Robinhood chief authorized officer Dan Gallagher being floated as potential picks earlier than Atkins emerged as a lead contender earlier this week.
