The former SEC commissioner, known for his pro-crypto stance, will replace Gary Gensler. The digital asset market reacts positively.
President-elect Donald Trump has named Paul Atkins as the new chairman of the Securities and Exchange Commission, succeeding Gary Gensler. The announcement signals a potential shift in regulatory approach toward the digital asset sector.
On Truth Social, Trump wrote:
“Paul is a proven leader for common-sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors and that provide the capital needed to make our economy the best in the world. He also recognizes that digital assets and other innovations are crucial to Making America Greater than Ever Before.”
Atkins, who served as an SEC commissioner from 2002 to 2008, brings significant experience in the digital sector. He is currently the CEO of Patomak Global Partners, a firm with clients including banks, cryptocurrency exchanges, and DeFi platforms, according to its website. Since 2017, Atkins has co-chaired the Digital Chamber’s Token Alliance and is regarded as an advocate for balanced crypto market regulations.
The appointment fulfills one of Trump’s campaign promises to voters in the sector, announced during the Bitcoin Conference 2024 in Nashville. The news comes after Gensler’s resignation on November 21, following a tenure marked by a restrictive approach to the industry.
According to estimates from the Blockchain Association, under Gensler’s leadership, crypto companies spent over $428 million in legal expenses to counter the 104 lawsuits initiated by the SEC between 2021 and 2023.
