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Some of the other contenders for the SEC Chain position include crypto attorney Teresa Goody Guillén, former CFTC Chair Heath Tarbert, and ex-Comptroller Brian Brooks. The Reserve Rights (RSR) token surged due to the speculation of Atkins' nomination, despite his limited current involvement with the project. Meanwhile, Jorge Tenreiro, who is known for his involvement in many high-profile crypto cases, has been promoted to SEC Chief Litigation Counsel.
Paul Atkins Hesitant to Step In as SEC Chair
Paul Atkins, a former SEC commissioner and founder of Patomak Global Partners, is reportedly the leading candidate for SEC Chair under President-elect Donald Trump. However, insiders suggest that Atkins may be reluctant to take on the role because of the extensive work required to overhaul the agency after what he perceives as mismanagement by outgoing SEC Chair Gary Gensler.
Despite support from people like former CFTC Chair Chris Giancarlo, Atkins is hesitant to leave his consulting firm, which specializes in regulatory compliance and includes crypto clients as part of its portfolio. His decision may hinge on the readiness of his firm to operate without him.
Other candidates are also under consideration. Crypto attorney Teresa Goody Guillén received a lot of support from industry leaders like Binance’s Changpeng Zhao and Cardano’s Charles Hoskinson, and is seen as a strong contender due to her pro-crypto stance and experience in SEC-related cases. Brian Brooks, a former acting Comptroller of the Currency, was previously a favorite among Web3 advocates but faces some challenges because of his limited experience in securities law.
Circle’s Heath Tarbert, a former CFTC Chair, is also in the mix, along with traditional securities lawyers like Brad Bondi and Norm Champ. However, their lack of strong ties to the crypto community could pose a problem for them.
Controversy surrounds some other potential picks, like Robert Stebbins and Dalia Blass. Both faced criticism for their roles in the SEC’s aggressive enforcement actions against crypto companies, including the Ripple case. The crypto community is also concerned over candidates with similar regulatory philosophies to Gensler, and seem to prefer people who may adopt a more crypto-friendly approach.
If the Senate does not confirm a new chair by Jan. 20, Republican SEC Commissioner Mark Uyeda could serve as acting chair. Commissioner Hester Pierce, who has been a very vocal advocate for crypto innovation, reportedly declined interest in the role.
To make things even more interesting, the Trump administration preference for a lighter regulatory touch could shift oversight of the digital assets market to the CFTC. The SEC will also need to fill a vacant commissioner seat.
Kalshi Puts Paul Atkins at 93% Odds for Trump’s SEC Chair
Reports from various outlets suggested differing probabilities of Paul Atkins taking over the SEC Chair position. Prediction platform Kalshi recently placed Atkins’ odds of nomination at 93% before dropping slightly below 90%. Despite these high odds, Trump has not officially announced his choice yet.
Atkins reportedly met with Trump’s team after an invitation to interview for the role, according to Politico. Trump’s announcements for his administration are typically made on Truth Social, but no confirmation has been issued regarding the SEC chair. If selected, Atkins will still require formal nomination in January and confirmation by a narrowly Republican-controlled Senate.
Trump’s campaign promises included replacing current SEC Chair Gary Gensler, who will step down on Inauguration Day. Gensler’s tenure has been very controversial in the crypto industry, and critics accused the SEC of inconsistent enforcement and regulatory overreach. The new chair will have the authority to shape policies affecting digital assets, which is a very critical issue for an industry calling for clearer regulations to prevent businesses from relocating overseas.
RSR Token Rallies on Paul Atliks SEC Rumors
The Reserve Rights (RSR) token saw an impressive price surge due to the speculation surrounding incoming President Donald Trump’s anticipated nomination of a new SEC Chair. Rumors within the cryptocurrency community suggested a potential link between the token's rally and the possibility of Trump appointing Paul Atkins, who previously served as an advisor to the Reserve Rights Foundation, the organization behind RSR.
After Atkins emerged as a leading candidate for SEC Chair, Reserve co-creator and CEO Nevin Freeman clarified that Atkins is no longer actively consulting on the project. Freeman stated that Atkins advised Reserve during its early stages and admires his open-mindedness toward crypto. He also pointed out that Atkins has been very transparent with regards to his advisory role with Reserve.
Atkins’ status as the frontrunner for the SEC role was a major contributing factor to RSR’s price rally. On Dec. 3, the token surged by up to 88%, and was even able to reach a multi-year high of $0.017, according to data from CoinMarketCap.
RSR’s price action over the past week (Source: CoinMarketCap)
Despite this impressive recovery, RSR’s price is still way below its all-time high of $0.11 that was recorded in April of 2021. Its price still requires a 500+% increase to revisit that peak.
Jorge Tenreiro Named SEC Chief Litigation Counsel
Jorge Tenreiro, the acting chief of the U.S. SEC crypto and cyber unit, stepped into the role of the agency’s chief litigation counsel just weeks before President-elect Donald Trump takes office. Tenreiro’s promotion places him in charge of overseeing the SEC’s Division of Enforcement lawsuits and investigations. This position offers Tenreiro a salary of up to $305,000 annually.
Tenreiro took over from Olivia Choe, who left the SEC in July for a partner role at Milbank LLP. His tenure as chief litigation counsel begins at a critical time, as Trump pledged to reduce regulatory scrutiny of the crypto industry. Before his promotion, Tenreiro served as deputy chief of the crypto assets and cyber unit since October of 2022 and later became its acting chief in June after he left David Hirsch.
During his time with the crypto unit, Tenreiro played a central role in several high-profile SEC lawsuits against major crypto firms, including Kraken, Coinbase, and Ripple Labs. He was also involved in cases against Tron founder Justin Sun and in the SEC’s legal battles against FTX, which secured the agency’s largest-ever settlement of $4.47 billion with Terraform Labs and its CEO, Do Kwon, in June.
However, his tenure has not been without controversy. The SEC faced sanctions for allegedly misleading a court in its case against Debt Box, leading to the resignation of two agency lawyers. Critics in the crypto industry, including lawyer John Deaton, have been very vocal in their disapproval of Tenreiro’s approach. Deaton even warned firms against hiring him if he leaves the SEC.
Tenreiro’s promotion happened at the same time as other leadership changes in the agency’s crypto unit. Mark Sylvester and Laura D’Allaird, former assistant director and counsel to outgoing Commissioner Jaime Lizárraga, respectively, have been named co-chiefs of the crypto assets and cyber unit.