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Donald Trump, the President-elect, has revealed his pick for the next chair of the Securities and Exchange Commission (SEC): Paul Atkins, a staunch advocate for crypto innovation.
The announcement came via Truth Social, fulfilling a campaign pledge to the crypto community. This move signals Trump’s intent to reshape the regulatory landscape surrounding digital assets.
Atkins, a former SEC commissioner under George W. Bush, is widely recognized for his conservative principles and support for crypto advancements. His nomination comes on the heels of outgoing SEC Chair Gary Gensler’s resignation, scheduled for January 20, when Trump assumes office. Gensler’s tenure has been contentious, marked by criticism over his enforcement-heavy approach to crypto regulation. Under his leadership, the SEC launched numerous actions against crypto companies, often citing unregistered securities violations, while failing to establish clear industry guidelines.
Trump praised Atkins as a proponent of “common sense regulations” and a champion of innovative capital markets. Atkins has long been involved in the crypto space, co-chairing the Token Alliance at the Digital Chamber of Commerce and advising digital finance firms through his consultancy, Potomak Global Partners. His confirmation will depend on Senate approval, though Trump could bypass this with a recess appointment if necessary.
The crypto industry has lauded Atkins’ nomination, contrasting it with Gensler’s regulatory stance, which many viewed as stifling innovation. Trump has also promised sweeping changes to U.S. crypto policy, including establishing an advisory council and potentially creating a national bitcoin reserve. These steps aim to position the United States as a global hub for digital assets.
This strategic pivot has earned Trump widespread support among crypto enthusiasts, with many in the industry backing his campaign financially and aligning their votes with his pro-crypto agenda. With Atkins poised to lead the SEC, the crypto community is hopeful for a regulatory environment that fosters growth and innovation.