President-elect Donald Trump is considering the appointment of Paul Atkins, a former commissioner of the United States Securities and Exchange Commission (SEC), as the new SEC Chair. According to Eleanor Terrett of Fox Business, Atkins is a favored candidate among Trump’s transition team, as he appears to be “in the lead” for the prestigious role.
Paul Atkins: A Strong Contender for SEC Chair
Atkins, who has held significant roles under previous SEC chairs Richard Breeden and Arthur Levitt, is noted for his expertise, particularly in the realm of cryptocurrencies. Sources indicate that Atkins possesses a “deep understanding” of the SEC’s operations and is considered “crypto savvy.” This expertise positions him favorably to lead the agency, especially as discussions around innovative regulatory approaches grow more prominent.
Terrett reports that Atkins is seen as capable of implementing a pro-innovation agenda while striving to restore what many in the Republican Party view as the “gold standard” of the agency, which they believe was compromised during the tenure of outgoing chair Gary Gensler.
Shifts in Digital Asset Regulation
The potential selection of Atkins coincides with a broader discussion regarding the regulation of digital assets. Under Trump’s administration, there are expectations of a significant shift in oversight from the SEC to the Commodity Futures Trading Commission (CFTC). This shift could reshape the landscape for the digital asset industry, and insiders suggest that possible successors to current CFTC Chair Rostin Benham, such as Jill Sommers and Caroline Pham, could have a favorable impact on the industry.
Recent developments have seen SEC Chair Gary Gensler announce his resignation, paving the way for a change in leadership. In his farewell announcement, Gensler expressed pride in serving the agency, emphasizing its role in maintaining the strength of American capital markets. Following his exit, SEC Commissioner Jaime Lizárraga also declared his plans to resign in January.
A Transformative Opportunity for Trump
As Gensler and Lizárraga depart, the remaining SEC commissioners include Republicans Hester Peirce and Mark Uyeda alongside Democrat Caroline Crenshaw. With Crenshaw’s term nearing its end, Trump is poised to have unprecedented influence over the commission’s future direction.
Notably, Trump has previously launched a crypto platform, World Liberty Financial, and has committed to establishing a crypto-friendly regulatory environment upon his return to the Oval Office. With a unified government, there is a real opportunity for Trump to significantly reshape crypto asset regulation for the long term, potentially impacting policies for years to come.