U.S. President-elect Donald Trump announced on Wednesday that he would nominate Paul Atkins to lead the Securities and Exchange Commission (SEC), placing a well-known conservative figure in charge of the key Wall Street regulator.
Atkins, a former SEC commissioner and Republican, will replace Gary Gensler, the current chair under President Joe Biden, whose aggressive policies have resulted in conflicts with both Wall Street and the cryptocurrency sector.
A trained lawyer with extensive experience in senior roles at the SEC, Atkins’ nomination contrasts with many of Trump’s other cabinet selections, which often featured loyalists with limited relevant experience.
Trump highlighted in a social media post that Atkins “believes in the promise of robust, innovative capital markets that meet the needs of investors and provide capital to make our economy the best in the world.”
Trump also emphasized that Atkins recognizes the importance of digital assets and other innovations in making America “greater than ever before.”
Atkins and his team have yet to respond to a request for comment.
Gary Gensler, who will step down on January 20, has implemented over 40 rules aimed at improving transparency, reducing risks, and addressing conflicts of interest on Wall Street. He also filed lawsuits against several crypto companies he accused of violating SEC regulations.
Atkins is expected to revisit many of Gensler’s rules and enforcement actions currently in the courts, adopt a more lenient stance on crypto, and push for regulatory changes that encourage capital formation.
Eric Pan, CEO of the Investment Company Institute, praised Atkins’ qualifications, noting, “His distinguished record, years of experience in the industry, and history of service at the SEC make him a supremely well-qualified nominee. His leadership will be vital to ensuring the strength, fairness, and integrity of our financial markets.”
Atkins currently serves as CEO of Patomak Global Partners, a Washington-based advisory firm he founded in 2009, which specializes in strategic and risk management services. The firm, which includes many former federal regulators, works with banks, fintech companies, and investment firms. Atkins has personally worked with clients such as Deutsche Bank, serving as a court-appointed monitor, and the Chicago Board Options Exchange, where he acted as an expert witness, according to court records.
Atkins was part of Trump’s 2016 transition team and was considered a potential candidate to head the SEC at the time, as reported by Reuters. He later joined a brief advisory council for President Trump, which included prominent business figures.
The cryptocurrency industry, which contributed significantly to Trump’s campaign, has pushed for a SEC chair who would adopt a more industry-friendly approach and reverse Gensler’s strict policies. Prior to the nomination, industry leaders suggested Atkins as a good choice.
Atkins has been involved in crypto policy as co-chair of the Token Alliance, which works on developing best practices for digital asset issuances and trading platforms. He is also a member of the advisory board for the Chamber of Digital Commerce, a blockchain trade organization.
“This is a strong, forward-leaning pick. We look forward to a new SEC administration focused on promoting responsible innovation,” said Ji Kim, Chief Legal and Policy Officer at the Crypto Council for Innovation.
Atkins has extensive experience with the SEC. In the early 1990s, he worked as a staffer under two former SEC chairmen, Richard Breeden and Arthur Levitt. In 2002, he was appointed SEC commissioner by President George W. Bush and served until 2008. Atkins has stated that his core philosophy at the SEC was based on the “free market system,” and he opposed certain increases in oversight of hedge funds, internal audit controls, and stock trading rules like Reg NMS.
Trump, in his social media post, praised Atkins for “strongly advocating for transparency & protecting investors” during his SEC tenure.
