President-elect Donald Trump has reportedly selected former Securities and Exchange Commission (SEC) commissioner Paul Atkins to replace outgoing SEC chair Gary Gensler.
Sources close to the matter told Unchained on Tuesday that Trump is finalizing his decision, with an announcement expected as soon as today.
Crypto Community Welcomes Atkins’ Return
Atkins, who served as an SEC commissioner from 2002 to 2008 under presidents George W. Bush and Bill Clinton, is regarded as a crypto-friendly figure.
Currently the CEO of Patomak Global Partners, a consultancy advising banks, cryptocurrency companies, and financial trading firms, Atkins is recognized for his extensive regulatory experience.
His selection has been widely interpreted as a nod to Trump's campaign promise to support cryptocurrency innovation and provide clearer regulatory guidelines.
Fox Business reporter Eleanor Terrett had teased the potential announcement in a December 2 X post, writing, "NEW: @realDonaldTrump's pick to replace @GaryGensler as @SECGov Chair could be announced as soon as tomorrow. Stay tuned."
— Eleanor Terrett (@EleanorTerrett) December 3, 2024
NEW: @realDonaldTrump's pick to replace @GaryGensler as @SECGov Chair could be announced as soon as tomorrow, sources tell @FoxBusiness. Stay tuned
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Gensler's Departure Ends Controversial Tenure
Gensler announced his resignation last month, effective January 20, the day of Trump's inauguration.
His time as SEC chair has been defined by an aggressive enforcement stance toward the cryptocurrency industry, targeting companies such as Ripple, Coinbase, and Kraken for alleged violations of securities laws.
While praised by some for maintaining the SEC's hardline approach, Gensler faced criticism for a lack of clarity in digital asset regulations.
— Cryptonews.com (@cryptonews) November 21, 2024
In his farewell statement, Gensler expressed gratitude for his tenure, saying, "The Securities and Exchange Commission is a remarkable agency. It has been an honor of a lifetime to serve with them on behalf of everyday Americans."
Atkins’ nomination is seen as part of a broader overhaul of the SEC's leadership.
In addition to Gensler's departure, Democratic commissioner Jaime Lizárraga has announced his intention to step down in January, leaving the agency with two Republican commissioners, Hester Peirce and Mark Uyeda, and one Democrat, Caroline Crenshaw.
Crenshaw's term is also set to expire, giving Trump the ability to reshape the SEC's composition and policy direction.
Peirce and Uyeda, known for their pro-market stances, have also been floated as potential candidates for the chair position.
However, Atkins' longstanding experience and industry ties make him a strong frontrunner.
A Pro-Crypto Future for U.S. Regulation?
Atkins' potential appointment has generated optimism within the cryptocurrency sector, where Gensler's enforcement-driven policies were seen as a hindrance to innovation.
Atkins, by contrast, is expected to adopt a more collaborative approach, focusing on providing clear guidelines for compliance rather than pursuing punitive actions.
Trump's selection reflects a strategic shift in U.S. regulatory policy, with an emphasis on positioning the country as a global leader in digital finance.
While the success of Atkins in achieving this vision is not guaranteed, his background shows an inclination to collaborate with the industry.
As Trump narrows down his cabinet choices, Mar-a-Lago could be the setting for critical decisions shaping cryptocurrency regulation in the U.S.
The post Trump Expected to Announce Pro-Crypto Paul Atkins as SEC Chair Replacement appeared first on Cryptonews.
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