Former Securities and Exchange Commissioner Paul Atkins has been chosen by President-elect Trump to succeed outgoing chair Gary Gensler, who will depart on Inauguration Day. Trump praised Atkins as a “proven leader for common sense regulations” and expressed his belief in Atkins’ commitment to fostering robust, innovative capital markets that cater to investors’ needs and contribute to the strength of the U.S. economy in a Truth Social post on Wednesday.
This nomination concludes weeks of speculation regarding who would lead the independent agency after Gensler’s announcement last month about his resignation upon Trump’s inauguration. The president-elect also noted Atkins’ recognition of the importance of digital assets and innovations, which he believes are essential for making America “greater than ever before.”
SEC leadership transition marks a new era for U.S. capital markets
Atkins’ support for cryptocurrency reflects a major change, as the incoming Trump administration is anticipated to adopt a much friendlier stance toward the crypto industry compared to Gensler’s stringent approach. During his campaign, Trump had indicated his desire to support the crypto sector, promising to establish the U.S. as the “crypto capital of the planet,” despite having previously labeled cryptocurrency a “scam.”
Currently, Atkins serves as the CEO and founder of Patomak Global Partners, a financial services consultancy, and is co-chair of the Digital Chamber’s Token Alliance. His nomination was celebrated within the crypto community, with Blockchain Association CEO Kristin Smith describing Atkins as an “excellent choice.”
Smith criticized the past four years under Gensler, calling it a “non-stop anti-crypto crusade” that stifled innovation and led to huge job losses and economic downturns. She expressed optimism about Atkins’ potential to bring a fresh perspective and a strong understanding of the digital asset ecosystem, anticipating a collaborative effort to promote a new era of American crypto innovation.
Similarly, outgoing House Financial Services Chairman Patrick McHenry (R-N.C.) emphasized the importance of the digital assets sector in his endorsement of Atkins. He stated on X that Atkins possesses the expertise necessary to restore confidence in the SEC and expressed confidence that his leadership would bring clarity to the digital asset landscape, ensuring that U.S. capital markets remain highly regarded globally.
Following Trump’s victory last month, bitcoin’s price surged, buoyed by expectations of a more favorable regulatory environment under the incoming administration. Currently, bitcoin is priced just under $96,000 and has approached the $100,000 mark in recent weeks.
