WASHINGTON (AP) — President-elect Donald Trump announced Wednesday that he plans to nominate cryptocurrency advocate Paul Atkins to chair the Securities and Exchange Commission.
Trump said Atkins, CEO of Patomak Partners and former SEC commissioner, was a “proven leader on common-sense regulation.”
“He believes in the promise of robust, innovative capital markets that meet the needs of investors and provide capital to make our economy the best in the world. It also recognizes that digital assets and other innovations are crucial to making America great. than ever before,” Trump wrote on Truth Social.
The commission oversees U.S. securities markets and investments.
If confirmed next year by the new Republican-led Senate, Atkins would replace Gary Gensler as committee chairman. Gensler, who led the US government’s crackdown on the crypto industry, announced last month that he would resign from his post on Trump’s inauguration day, January 20, 2025.
Trump, once a crypto skeptic, pledged to make the United States “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Money has flowed into crypto assets since he won. Bitcoin, the largest cryptocurrency, is now above $95,000.
Crypto industry players welcomed Trump’s victory in hopes that he will push through the legislative and regulatory changes they have long pushed for.
Trump also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.
