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President-elect Donald Trump has nominated Paul Atkins, a former SEC commissioner known for his support of cryptocurrency, to chair the Securities and Exchange Commission (SEC).
According to three sources familiar with the matter, Trump is awaiting confirmation from Atkins regarding his acceptance of the role.
Paul Atkins, who served as an SEC commissioner during the George W. Bush administration, has been actively supporting the crypto industry since leaving the commission.
Since 2017, he has co-chaired the Token Alliance at the Chamber of Digital Commerce and has been providing regulatory advisory services to digital finance firms through Potomak Global Partners, the consultancy he founded in 2009.
George Mason University professor J.W. Verret, a former SEC Advisory Committee member:
“Senate Republicans really respect the tradition of Commissioner Paul Atkins,”
“He was the first time anyone had been a true libertarian and SEC commissioner, and that was a unique thing.”
Under Gary Gensler’s leadership, the SEC actively pursued numerous enforcement actions against cryptocurrency organizations, consistently applying existing securities laws to crypto assets and alleging violations related to fraud and unregistered offerings.
If Paul Atkins accepts the nomination for SEC chair, he is expected to bring a pro-innovation and crypto-friendly approach to the agency. Unless Trump opts for a recess appointment while the Senate is out of session, the nomination will require Senate approval.
John Reed Stark, who worked with Atkins at the SEC in 2008:
“There was never a commissioner in the history of the commission that was more respectful and thankful of the staff at the commission,”
Trump‘s transition team consulted with leaders in the cryptocurrency industry to gather their perspectives on the chairmanship role before making its decision.
The president-elect is delivering on his promises to the crypto community. Trump has proposed the establishment of a “Crypto Advisory Council” to help shape cryptocurrency policy and pledged to create a “Strategic Bitcoin Reserve” using crypto assets seized by the government.
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