U.S. President-elect Donald Trump announced on Wednesday that he would nominate Paul Atkins to lead the Securities and Exchange Commission (SEC).
Atkins, a seasoned lawyer and former top SEC official known for his advocacy of deregulation, is expected to bring relief to Wall Street and the crypto industry.
Both sectors have clashed with outgoing SEC Chair Gary Gensler, who has aggressively enforced regulations under President Joe Biden’s administration.
Trump praised Atkins in a post on his social media platform, stating, “He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
Gensler, stepping down on Jan. 20, has implemented over 40 rules targeting transparency and risk reduction on Wall Street.
He also pursued lawsuits against crypto firms for alleged regulatory violations.
Atkins is expected to take a more lenient approach, revisiting Gensler’s policies and focusing on promoting capital formation.
Eric Pan, CEO of the Investment Company Institute, called Atkins “supremely well-qualified,” citing his extensive experience and service at the SEC.
Atkins currently leads Patomak Global Partners, a Washington-based advisory firm he founded in 2009.
The firm’s team, comprising former federal regulators, provides strategic and risk management advice to clients such as Deutsche Bank and the Chicago Board Options Exchange.
Atkins has also been active in crypto policy, co-chairing the Token Alliance and serving on the advisory board of the Chamber of Digital Commerce.
Industry leaders welcomed his nomination.
“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.
However, critics like Bartlett Naylor from Public Citizen expressed concerns that Atkins might prioritize corporate interests over investor protections, warning that he must work for “average Americans, not his consulting clients, crypto or otherwise.”