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Trump aims to position the US as a leading hub in the crypto arena with Atkins's leadership.
Key Takeaways
Donald Trump selected pro-crypto Paul Atkins for SEC chair, pending acceptance. Atkins, a former SEC commissioner, has supported the crypto industry and advised finance companies. <?xml encoding="UTF-8"?>President-elect Donald Trump has nominated Paul Atkins, a former SEC commissioner known for his support of crypto, to lead the Securities and Exchange Commission, Unchained Crypto reported Tuesday, citing three sources familiar with the matter. Trump is awaiting Atkins’ acceptance of the position.
Atkins, who served as an SEC commissioner during the George W. Bush administration, has been a vocal supporter of the crypto industry since leaving the commission. He has co-chaired the Token Alliance at the Digital Chamber of Commerce since 2017 and advised digital finance companies on regulatory compliance through his consultancy, Potomak Global Partners, since 2009.
“Senate Republicans really respect the tradition of Commissioner Paul Atkins,” said George Mason University professor J.W. Verret, a former SEC Advisory Committee member. “He was the first time anyone had been a true libertarian and SEC commissioner, and that was a unique thing.”
The appointment comes as current SEC Chair Gary Gensler announced his resignation effective January 20, Trump’s inauguration day. Under Gensler’s leadership, the SEC pursued numerous enforcement actions against crypto companies, exchanges, token issuers, and NFT creators for alleged securities law violations.
John Reed Stark, who worked with Atkins at the SEC in 2008, praised his leadership style, stating:
“There was never a commissioner in the history of the commission that was more respectful and thankful of the staff at the commission.”
Before making the decision, Trump’s transition team had reached out to crypto industry leaders for their input on the chairperson position.
The president-elect is fulfilling his promises to the crypto community. Trump has proposed the establishment of a “Crypto Advisory Council” aimed at shaping crypto policy and has committed to creating a “Strategic Bitcoin Reserve” using government-seized crypto assets.
The nomination will require Senate confirmation unless Trump opts for a recess appointment while the Senate is out of session.
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