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Paul Atkins has been selected to lead the SEC, but sources suggest he is hesitant to take on the role due to the challenging task of addressing Gensler’s legacy.
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Key Takeaways
Paul Atkins is hesitant to accept the role of SEC chair due to perceived mismanagement under Gary Gensler. Atkins is reluctant due to the workload and his current role at Patomak Global Partners. <?xml encoding="UTF-8"?>Paul Atkins, former SEC commissioner and crypto industry supporter, is reportedly hesitant to accept the role of SEC chair under President-elect Donald Trump, according to a CoinDesk report.
Trump nominated Atkins to lead the SEC following Gary Gensler’s announced resignation, Unchained Crypto reported earlier today, citing three sources familiar with the matter.
Atkins’ reluctance stems from “the amount of work needed to turn around the bloated agency he believes was mismanaged by outgoing SEC chair Gary Gensler,” a person familiar with Atkins’ thinking told CoinDesk.
The former commissioner was spotted at Trump’s Mar-A-Lago resort this week and was scheduled for SEC chair interviews on Sunday and Monday.
Senate Republicans hold a deep respect for the tradition of Commissioner Paul Atkins, according to George Mason University professor J.W. Verret, a former SEC Advisory Committee member.
Verret noted that Atkins was the first true libertarian to serve as an SEC commissioner, a unique aspect of his tenure.
Atkins currently serves as founder and CEO of Patomak Global Partners, a consulting firm specializing in regulatory compliance. Sources indicate he is reluctant to leave his practice and would need to resign from his business interests to take the SEC position.
Other candidates under consideration include Teresa Goody Guillén, Heath Tarbert, Brad Bondi, and Norm Champ.
Republican SEC commissioner Mark Uyeda could become acting chair if the Senate doesn’t confirm Trump’s pick by inauguration day.
The selection process comes as the Trump administration is expected to reduce SEC oversight of the $3 trillion digital assets market in favor of CFTC regulation.
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