Analysis from major financial news outlets

President-elect Trump Picks Pro-Crypto Paul Atkins for SEC Chair, Fulfilling Crypto Promises

Dec 3, 2024, 05:41 PM

President-elect Donald Trump has reportedly selected Paul Atkins, a former SEC commissioner known for his pro-cryptocurrency stance, as the next Chair of the Securities and Exchange Commission (SEC), replacing current Chair Gary Gensler. Atkins, who served under President George W. Bush and was the first libertarian to hold the commissioner role, is recognized for advocating a more measured and less intrusive approach to financial regulation and has been critical of overregulation. He co-chaired the Token Alliance at the Digital Chamber of Commerce since 2017 and serves as an advisor to the organization, signaling strong support for the crypto industry. Sources indicate that other potential contenders included Dan Gallagher, Robert Stebbins, and Mark Uyeda. While Atkins is reportedly well-liked by Trump, he may be reluctant to accept the position due to the challenges of reversing Gensler's policies. The potential appointment, expected to be announced as early as tomorrow, is seen as fulfilling Trump's crypto-focused promises and signaling a significant shift toward a more crypto-friendly regulatory environment in the United States, with implications for the cryptocurrency industry.