Atkins was a commissioner of the SEC in the 2000s and is currently involved in cryptography and tokenization.
US President-elect Donald Trump announced that he will nominate Paul Atkins as the next chairman of the US Securities and Exchange Commission.
Trump revealed his decision on December 4 via Social Truth. He commented on Atkins’ knowledge of cryptocurrencies, stating that Atkins “recognizes that digital assets and other innovations are crucial to making America a better country than ever.”
According to Trump, Atkins is a “proven leader in common sense regulations.” Atkins supports strong, innovative capital markets that benefit investors and provide capital so the U.S. economy can compete globally, he said.
Trump highlighted one of Atkins’ roles in the crypto sector: his position as co-chairman of the Digital Chamber Token Alliance beginning in 2017. Atkins also served as commissioner of the SEC between 2002 and 2008. He is currently CEO and founder of Patomak Global Partners. , a risk management consulting company.
Atkins has also served on the advisory board of tokenization company Securitize since 2019, a role Trump did not mention in his announcement. Ensure congratulated Atkins the day of the announcement.
Atkins will replace current SEC Chairman Gary Gensler, who built a reputation for strong enforcement against the cryptocurrency sector during the Biden administration.
By contrast, Atkins is expected to take a lighter stance across the board.
The Associated Press described Atkins as a highly conservative SEC commissioner with a “strong lean toward the free market.” Although as commissioner he increased enforcement against certain types of fraud, Atkins opposed harsh penalties imposed on companies accused of fraud and maintained that the strategy does not deter crime. Atkins also demanded transparency and cost-benefit analysis around the new SEC rules.
Members of the crypto industry are hopeful that Atkins will treat cryptocurrencies reasonably. Coinbase CLO Paul Grewal praised Atkins “commitment to balance” and called the SEC’s new leadership a “much-needed” change.
Blockchain Association CEO Kristin Smith called Atkins an “excellent choice,” highlighting the benefit of a “fresh perspective” based on Atkins’ deep knowledge of the crypto ecosystem.
Some critics believe Atkins’ handling of cryptocurrencies will be too lax. In a statement cited by the AP, Democratic Senator Brad Sherman argued that Atkins can maintain that “no cryptocurrency is a security.” In turn, Atkins could be too lenient with crypto exchanges, opening up “significant” possibilities for defrauding investors.
Gensler will step down as SEC chairman and leave the agency in January. Atkins must still be confirmed by the U.S. Senate and sworn in before taking office.
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