Former President Donald Trump reportedly selected crypto advocate and former SEC commissioner Paul Atkins, as his choice to lead the Securities and Exchange Commission (SEC).
Three anonymous sources would have confirmed the choice at the crypto-focused outlet Unchained, although Atkins still has it officially accept the position.
Currently, Atkins is the CEO of Patomak Global Partners, a consulting firm specializing in strategy and risk management.
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Trump asks Atkins to take on this role
A source cited by Unchained said that Trump, who has the previously expressed ambitions to make the United States a world leader in cryptocurrency, has asked Atkins to take on the role.
However, a spokesperson for Trump’s transition team said “remaining decisions will continue to be announced by him as they are made.”
Meanwhile, it has been reported that Atkins may be reluctant to accept the offer. A source close to Atkins suggested that the prospect of running the SEC was “an unappealing role for him because of the amount of work required to turn around a bloated agency.”
Atkins served as a commissioner of the SEC from 2002 to 2008, and his experience is closely related to that of the cryptocurrency industry.
His biography on the Patomak Global Partners website highlights his work with Token Alliance.a cryptocurrency advocacy group, where he was 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 chosen pro-crypto Paul Atkins to chair the SEC, according to three sources familiar with the discussions.
A source said Trump had contacted Atkins but was waiting for him to accept.
– database (@tier10k) December 3, 2024
Under the Biden administration, outgoing SEC Chairman Gary Gensler took a tough approach towards the crypto sector, launching enforcement actions against several high-profile companies and projects.
Trump criticized Gensler’s policies, promising during his campaign to fire him “on day one.” However, Gensler anticipated this decision by announcing his resignation, effective in January.
Trump’s nomination of Atkins could result from Senate approval or, potentially, an appointment during a recess period.
JW Verret, a professor at George Mason University, told Unchained that Atkins enjoyed great respect among Senate Republicans, describing him as a “unique” libertarian voice during his tenure as SEC commissioner.
The crypto market reacted positively to Trump’s election. Bitcoin surged on optimism about a more favorable regulatory environment.
Trump also pledged to establish a national Bitcoin reserve and create a crypto advisory council, sparking considerable interest from major industry players.
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SEC aggressive stance against crypto
The SEC has taken a tougher stance on crypto companies in 2024. Specifically, the regulator imposed nearly $4.7 billion in enforcement actions against crypto companies, an increase of 3,018% from 2023.
Fines include forfeitures, restitution, civil penalties, settlements, and prejudgment interest, calculated from the time the SEC initiated each case.
The agency also faced widespread criticism during a congressional hearing on Wednesday, September 18, 2024. This came as a panel of mostly critical witnesses expressed concerns about the agency’s regulatory approach. agency with regard to digital assets.
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The post Donald Trump Picks Crypto Ally Paul Atkins as Next SEC Chairman appeared first on 99Bitcoins.
