Donald Trump selects pro-crypto Paul Atkins to be the next US SEC chair

• Trump picks Paul Atkins, a pro-crypto libertarian, for the SEC chair role.
• Atkins is expected to provide clearer crypto regulations.
• Senate confirmation is needed, although Trump could pursue a recess appointment.

President-elect Donald Trump has selected Paul Atkins, a staunch advocate for the crypto industry, to serve as the next chair of the US Securities and Exchange Commission (SEC) once Gary Gensler steps down in January 2025.

This move marks a significant step in fulfilling Trump’s campaign promises to reshape the regulatory landscape for digital finance and bring clarity to cryptocurrency rules.

Atkins’s pro-crypto stance

Atkins, who served as an SEC commissioner under President George W. Bush, is well-known for his libertarian views and has earned respect within conservative legal circles.

Since leaving the SEC, Atkins has been an outspoken supporter of the crypto industry, particularly in his role as co-chair of the Token Alliance at the Digital Chamber of Commerce. In addition, Atkins has advised digital finance companies on regulatory compliance as the founder of Potomak Global Partners, a consultancy he established in 2009.

The crypto market expects a turnaround under Trump’s leadership

The selection of Atkins comes as Trump aims to provide clearer guidelines for the cryptocurrency market, which has long been frustrated by SEC chair Gary Gensler’s approach.

Under Gensler’s leadership, the SEC was criticized for pursuing enforcement actions against crypto companies without establishing clear regulatory frameworks. This led to widespread discontent within the crypto industry, with many calling for a more transparent and collaborative approach.

Gensler has, however, announced his resignation, effective January 20, when Trump is set to take office, creating room for fresh leadership at the SEC.

During his campaign rallies, Trump promised to make the US a “world capital” for crypto and has committed to replacing Gensler to help establish clearer rules for the industry. He also proposed the creation of an advisory council to focus on crypto policy and suggested a national Bitcoin strategic reserve.

The selection of Atkins signals a strong push towards crypto-friendly regulations, a move that is likely to be welcomed by the industry, especially after years of uncertainty.

Although there are reports that Atkins is reportedly reluctant to accept the role, attention now shifts to The Senate, which will be responsible for confirming or declining Atkins’ appointment, though Trump could choose to make a recess appointment if necessary.