President-elect Donald Trump has nominated Paul Atkins, an experienced financial regulator and self-proclaimed liberal, to head the Securities and Exchange Commission.
President Trump's announcement on Truth Social that he would select Atkins comes two weeks after current SEC Chairman Gary Gensler announced that he would resign on January 20, the last day of President Biden's term. is. With this selection, Mr. Trump continues to deliver on his promise to support a favorable regulatory environment for the financial and cryptocurrency industries.
“Paul has proven to be a leader in common sense regulation,” President Trump said Wednesday on Truth Social. “He believes in the promise of robust, innovative capital markets that meet the needs of investors and provide the capital to make our economy the best in the world. We also recognize that innovation is essential to making America greater than ever.”
Atkins is the founder and CEO of financial services consultancy Patmac Global Partners. The group is well known for providing risk management, regulatory and compliance advice to a wide range of fintech companies with increasing interest in crypto platforms.
From 2002 to 2008, Atkins served as SEC Commissioner after being appointed by George W. Bush. During his tenure, he advocated for free markets, emphasizing the commission's responsibility to protect investors. He is seen as pushing for less regulation and fewer penalties for securities violations, in contrast to Gensler.
Although his selection is seen as a major victory for the cryptocurrency industry, he has often been at odds with Gensler, who is highly unpopular in the industry due to what critics call aggressive regulation through enforcement. It was popular. Atkins is a strong cryptocurrency supporter and since 2017 has co-chaired the Token Alliance, a digital chamber that promotes clearer regulation of digital assets.
Industry leaders are celebrating X's selection. Blockchain Association CEO Kristin Smith said in a statement that Atkins is an “excellent choice” and “will provide a new perspective based on a deep understanding of the digital asset ecosystem.” ”
Atkins will have to go through a Senate confirmation hearing before being officially appointed to the job, but he is likely to face less resistance than other controversial nominees from President Trump.
Wall Street has been anxiously awaiting the announcement in recent weeks, with current SEC Commissioner Mark Ueda and Robinhood Chief Legal Officer Dan Gallagher before Atkins emerged as a likely candidate earlier this week. had emerged as a candidate.
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