President-elect Donald Trump is considering Paul Atkins, a veteran financial regulator and deregulation advocate, as the next chairman of the U.S. Securities and Exchange Commission (SEC). Bloomberg News reportedciting sources familiar with the matter.
According to the report, Atkins has emerged as a leading candidate to replace retiring SEC Chairman Gary Gensler.
Karoline Leavitt, a spokesperson for Trump, said:
“President-elect Trump has rapidly made brilliant decisions about who will serve in his second administration.”
Change of position
Atkins, a Republican SEC commissioner during the George W. Bush administration, has been an outspoken advocate for crypto and fintech innovation, marking a potential pivot from the SEC’s current position.
He previously testified before Congress on restructuring the SEC to streamline its operations and eliminate layoffs, in line with Trump’s campaign promise to reduce regulatory burden.
In addition, Atkins founded Patomak Global Partners, a consulting firm focused on financial industry clients and building a reputation for advancing market-driven innovation.
Atkins’ potential appointment signals a broader shift in regulatory priorities, in line with the Trump administration’s crypto-friendly approach. During his campaign, Trump embraced crypto, promising to set up a strategic Bitcoin (BTC) reserve, appoint crypto-supporting regulators, and end the current administration’s “anti-crypto crusade.”
It is striking that the approach of the elected president is in stark contrast to that of Gensler, who will resigns on January 20. He applied a “regulation by enforcement” approach to the crypto industry, cracking down on major crypto companies like Kraken, Coinbase, Binance, and Ripple.
Additionally, blockchain industry players argue that Gensler’s administration has failed to provide regulatory clarity on which tokens are securities, making it more difficult to comply with U.S. rules.
Another name for the competition
Atkins’ name is one of several candidates vetted for the role. Others include current SEC Commissioner Mark Uyeda, former Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert, and Robert Stebbins, a Willkie Farr & Gallagher LLP partner.
The list already included former Binance.US director Brian Brooks, Robinhood’s Chief Legal Officer Dan Gallagher and SEC Commissioner Hester Peirce.