President-elect Donald Trump is reportedly considering Paul Atkins, a seasoned financial regulator and advocate for deregulation, as the next chair of the US Securities and Exchange Commission (SEC), according to a report by Bloomberg News citing sources familiar with the matter.
Atkins, a Republican SEC commissioner during the George W. Bush administration, has emerged as a leading candidate to replace outgoing SEC Chair Gary Gensler. His potential appointment signals a shift in regulatory priorities, aligned with the Trump administration’s crypto-friendly approach. Atkins is known for his vocal advocacy for crypto and fintech innovation, marking a potential pivot from the SEC’s current stance.
He has testified before Congress on restructuring the SEC to streamline its operations and eliminate redundancies, which aligns with Trump’s promise to reduce regulatory burdens. Atkins also founded Patomak Global Partners, a consulting firm catering to financial industry clients, establishing a reputation for favoring market-driven innovation.
The Trump administration’s approach towards crypto stands in stark contrast to Gensler’s tenure at the SEC. Gensler applied a “regulation by enforcement” approach to the crypto industry, leading crackdowns on major firms like Kraken, Coinbase, Binance, and Ripple. The lack of regulatory clarity on what tokens constitute securities under Gensler’s administration made it challenging for industry players to comply with US rules.
Atkins is among several candidates being considered for the role, including current SEC Commissioner Mark Uyeda, former CFTC Chair Heath Tarbert, and Robert Stebbins, a partner at Willkie Farr & Gallagher LLP. Other contenders on the list include former Binance.US executive Brian Brooks, Robinhood’s chief legal officer Dan Gallagher, and SEC Commissioner Hester Peirce.
The potential appointment of Atkins as the next SEC chair reflects a broader shift in regulatory priorities within the Trump administration, signaling a more favorable stance towards crypto and fintech innovation. As President-elect Trump continues to make staffing decisions for his second administration, the appointment of Atkins could pave the way for a more industry-friendly regulatory environment in the US.