Trump picks pro-crypto Paul Atkins as SEC chair

President-elect Donald Trump has nominated Paul Atkins, a former SEC commissioner recognized for his help of crypto, to steer the U.S. Securities and Alternate Fee (SEC), Unchained Crypto reported on Tuesday, citing three sources who’re aware of the matter.

Trump is awaiting affirmation from Atkins on whether or not or not he’ll settle for the supply. If he chooses to not settle for the nomination, will probably be as much as Trump to pick out one other candidate for the function. If Atkins chooses to just accept the nomination, the nomination will should be confirmed by the Senate.

Paul Atkins, who served as SEC commissioner in the course of the George W. Bush administration, has actively supported the crypto sector since leaving the fee.

Since 2017, he has served as co-chair of the Token Alliance on the Digital Chamber of Commerce and advises digital finance firms on regulatory points by his consultancy Potomak International Companions, which he based in 2009.

“Senate Republicans actually respect the custom of Commissioner Paul Atkins,” mentioned George Mason College professor JW Verret, a former member of the SEC Advisory Committee. “He was the primary time anybody was a real libertarian and SEC commissioner, and that was distinctive.”

Beneath Gary Gensler’s management, the SEC has actively pursued quite a few enforcement actions in opposition to cryptocurrency entities, constantly making use of present securities legal guidelines to crypto property and alleging violations associated to fraud and unregistered choices.

If Atkins accepts the nomination for SEC chairman, he’s anticipated to convey a pro-innovation and pro-crypto method to the company.

“There has by no means been a commissioner within the historical past of the fee who had extra respect and gratitude for the fee workers,” John Reed Stark, who labored with Atkins on the SEC in 2008, praised his management model.

Earlier than the choice was made, Trump’s transition group had reached out to crypto business leaders for his or her enter on the chairman place.

The President-elect is fulfilling his guarantees to the crypto neighborhood. Trump has proposed the creation of a “Crypto Advisory Council” geared toward shaping crypto coverage and has dedicated to making a “Strategic Bitcoin Reserve” utilizing government-seized crypto property.

Trump nominated Atkins for SEC chairman after appointing Scott Bessent, a Bitcoin lawyer, as Treasury secretary final month. He additionally chosen Howard Lutnick, recognized for his help of Bitcoin and stablecoins, as his nominee for Secretary of Commerce.

Bettors on Kalshi predicted an 85% probability that Atkins would turn out to be Trump’s SEC chairman.