president-elect Donald Trump’s Rumor has it that the frontrunner for the SEC chairman position, Paul Atkins, is reportedly reluctant to take on the role due to the significant challenge of managing the current state of the agency, CoinDesk reported on December 3, under reference to sources familiar with Atkins’ thinking.
According to the report, Atkins views the position as unattractive given the significant effort required to turn around what he believes is a poorly managed agency led by outgoing SEC Chairman Gary Gensler.
The Trump team interviewed Atkins last week and some rumors this week claim he will be the next SEC chairman. However, subsequent reports of his hesitation leave the question of whether he will accept it up in the air for now.
Atkins, who served as SEC commissioner from 2002 to 2008, has yet to confirm his willingness to publicly take on the role. Sources familiar with the matter have indicated that his decision depends on several factors, including the future of his consultancy Patomak Global Partners.
If Atkins accepts the role of SEC chairman, he would have to step down from his business interests. The source suggested that Atkins should only do this if his company is in a position to operate independently.
Chris Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC), has been an outspoken supporter of Atkins for the role. Giancarlo has argued that Atkins is the right candidate to restore the SEC’s credibility and efficiency.
Giancarlo, who was also considered for the role of Chairman of the SEC, has been vocal about the need for reform within the SEC, particularly the agency’s handling of issues related to digital assets and crypto markets.
However, if Atkins’ conditions are not met, Trump could consider others for the role of SEC chairman, including current SEC Commissioner Mark Uyeda, former CFTC Chairman Heath Tarbert, and Robert Stebbins, a partner at law firm Willkie Farr & Gallagher LLP.