President-elect Donald J. Trump has selected Paul Atkins to serve as the chair of the Securities and Exchange Commission (S.E.C.), a move that aligns with his pro-business, conservative agenda. Atkins, a former S.E.C. commissioner under President George W. Bush, is well-respected in Washington legal circles and is known for advocating looser regulation of crypto assets.
Atkins has founded Patomak Global Partners, a financial consulting firm that advises banks and investment firms on regulatory matters, including crypto assets. He is also actively involved in drafting best practices for crypto trading platforms and is part of the Token Alliance within the Digital Chamber of Commerce.
Trump’s nomination of Atkins signals a shift towards lighter regulation of the financial industry, particularly in the cryptocurrency market. The appointment is expected to have implications for initiatives put in place by the current S.E.C. chair, Gary Gensler, who announced his resignation in January. Critics of Gensler’s approach to regulating cryptocurrencies have praised Atkins’ selection as a pro-Bitcoin choice that would be more favorable to the industry.
Atkins’ stance on embracing technological innovation, including crypto and digital finance, aligns with Trump’s promise to end the S.E.C.’s crackdown on crypto assets. The new chairperson is likely to prioritize the review of ongoing enforcement actions, such as the lawsuit filed against Coinbase, a major cryptocurrency exchange, to determine whether to continue or dismiss them.
With Atkins at the helm, the S.E.C. is expected to take a more hands-off approach to regulating crypto assets, which could lead to a reevaluation of how these assets are classified and enforced under securities laws. His nomination will need to be confirmed by the Senate, but his selection has been met with enthusiasm from the crypto industry and advocates for softer regulation.
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