US President-elect Donald Trump has picked Paul Atkins to lead the Securities and Exchange Commission (SEC). Atkins, a former commissioner at the agency and veteran of conservative financial space, is expected to steer the agency toward a lighter regulatory approach.

A New Direction for the SEC

Atkins brings a wealth of experience in the regulatory space. He was the former Republican SEC commissioner under President George W. Bush and has reportedly championed innovation in the financial markets in his past roles.

In a post on his social media, TruthSocial, Trump wrote, “I am delighted to announce the nomination of Paul Atkins to be the next Chairman of the Securities & Exchange Commission. Paul is a proven leader for common-sense regulations.”

Paul Atkins, Source: Bloomberg

“He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World.”

Influence and Industry Ties

Atkins’ reputation extends beyond his time at the SEC. After leaving the agency, he founded Patomak Global Partners, a consulting firm specializing in guiding financial firms through Washington’s regulatory maze.

Atkins’ tenure will likely focus on easing regulatory burdens and reassessing enforcement strategies. Industry insiders anticipate lower penalties for violations and a more industry-friendly approach to oversight. Outgoing Chair Gary Gensler, known for his aggressive enforcement actions and comprehensive regulatory proposals, will depart on January 20, paving the way for Atkins.

Trump, who lured the crypto community by promising to fire Gensler on his campaign trail, added: “Paul also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

Expect ongoing updates as this story evolves.