Donald Trump Picks Crypto Ally Paul Atkins As Next SEC Chair

Former President Donald Trump has reportedly selected Paul Atkins, a crypto advocate and former SEC commissioner, as his choice to lead the Securities and Exchange Commission (SEC).

Three anonymous sources have reportedly confirmed the pick to the crypto-focused outlet Unchained, though Atkins has yet to formally accept the position.

Currently, Atkins is the CEO of Patomak Global Partners, a consulting firm specializing in strategy and risk management. Price Trading volume in 24h Last 7d price movement Buy Now!

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Trump Asks Atkins To Take On The Role

One source cited by Unchained said Trump, who has previously expressed ambitions to make the U.S. a global leader in cryptocurrency, has asked Atkins to take on the role.

However, a spokesperson for Trump’s transition team stated that “remaining decisions will continue to be announced by him when they are made.”

Meanwhile, there have been reports that Atkins may be hesitant to accept the offer. A source familiar with Atkins has suggested that the prospect of leading the SEC is “an unattractive role for him because of the amount of work needed to turn around the bloated agency.”

Atkins served as an SEC commissioner from 2002 to 2008, and his background aligns closely with the cryptocurrency industry.

His biography on Patomak Global Partners’ website highlights his work with the Token Alliance, a crypto advocacy group, where he has been involved in developing best practices for digital asset issuances and trading platforms since 2017.

If confirmed, Atkins’ appointment could represent a seismic shift in the SEC’s regulatory stance toward cryptocurrency.

Trump has selected the pro-crypto Paul Atkins to chair the SEC, according to three sources familiar with the discussions.

One source specified that Trump has reached out to Atkins but is waiting on him to accept.https://t.co/qszH4xX454

— db (@tier10k) December 3, 2024

Under the Biden administration, outgoing SEC Chair Gary Gensler took a stringent approach to the crypto industry, initiating enforcement actions against several high-profile companies and projects.

Trump has been critical of Gensler’s policies, promising during his campaign to fire him “on day one.” However, Gensler pre-empted this move by announcing his resignation, effective January.

Trump’s appointment of Atkins could come through Senate approval or, potentially, a recess appointment.

George Mason University professor J.W. Verret told Unchained that Atkins enjoys significant respect among Senate Republicans, describing him as a “unique” libertarian voice during his time as an SEC commissioner.

The crypto market has responded positively to Trump’s election. Bitcoin surged on optimism about a more favorable regulatory environment.

Trump has also pledged to establish a national Bitcoin reserve and create a crypto advisory council, attracting significant interest from major industry players

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SEC’s Aggressive Stance Against Crypto

The SEC has taken a tougher stance against crypto firms in 2024. More specifically, the regulator imposed nearly $4.7 billion in enforcement actions against crypto companies, a 3,018% increase from 2023.

The fines include forfeitures, disgorgement, civil penalties, settlements, and prejudgment interest, calculated from the time the SEC initiated each case.

The agency also faced a barrage of criticism during a congressional hearing on Wednesday, 18 September 2024. This came as a predominantly critical witness panel voiced their concerns over the agency’s regulatory approach towards digital assets.

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