News Scrap

Key Takeaways

Donald Trump selected pro-crypto Paul Atkins for SEC chair, pending acceptance.
Atkins, a former SEC commissioner, has supported the crypto industry and advised finance companies.

President-elect Donald Trump has nominated Paul Atkins, a former SEC commissioner known for his support of crypto, to lead the US Securities and Exchange Commission (SEC), Unchained Crypto reported Tuesday, citing three sources familiar with the matter.

Trump is waiting for Atkins to confirm whether or not he will accept the offer. If he chooses not to accept the nomination, it would be up to Trump to select another candidate for the role. If Atkins chooses to accept, the nomination will be subject to Senate confirmation.

Atkins, who served as SEC commissioner during the George W. Bush administration, has actively supported the crypto sector since his departure from the commission.

Since 2017, he has been co-chairing the Token Alliance at the Digital Chamber of Commerce and has been advising digital finance firms on regulatory matters through his consultancy, Potomak Global Partners, which he founded in 2009.

“Senate Republicans really respect the tradition of Commissioner Paul Atkins,” said George Mason University professor J.W. Verret, a former SEC Advisory Committee member. “He was the first time anyone had been a true libertarian and SEC commissioner, and that was a unique thing.”

The appointment follows SEC chair Gary Gensler’s announcement that he will be stepping down on January 20. Under Gensler’s leadership, the SEC has actively pursued numerous enforcement actions against crypto entities, consistently applying existing securities laws to crypto assets and alleging violations related to fraud and unregistered offerings.

If Atkins accepts the nomination for SEC chair, he is expected to bring a pro-innovation and pro-crypto approach to the agency.

“There was never a commissioner in the history of the commission that was more respectful and thankful of the staff at the commission,” John Reed Stark, who worked with Atkins at the SEC in 2008, praised his leadership style.

Before making the decision, Trump’s transition team had reached out to crypto industry leaders for their input on the chairperson position.

The president-elect is fulfilling his promises to the crypto community. Trump has proposed the establishment of a “Crypto Advisory Council” aimed at shaping crypto policy and has committed to creating a “Strategic Bitcoin Reserve” using government-seized crypto assets.

Trump nominated Atkins for SEC chair after appointing Scott Bessent, a Bitcoin advocate, as Treasury Secretary last month. He also selected Howard Lutnick, known for his support of Bitcoin and stablecoins, as his nominee for Commerce secretary.

Bettors on Kalshi predicted an 85% likelihood that Atkins would become Trump’s SEC chair.

Paul Atkins tops the poll