Atkins believes in the promise of strong, innovative capital markets that respond to investor needs.
The US President-elect announced Donald Trump says he intends to nominate a cryptocurrency advocate Paul Atkins to Chair the Securities and Exchange Commission.
Trump said Paul Atkins, CEO of Patomac Partners and a former SEC commissioner, was a “proven leader of common-sense regulation.”
In the years since leaving the SEC, Atkins has opposed much of the market regulation.
Strong and innovative capital markets
According toTo the Associated Press,“He believes in the promise of strong, innovative capital markets that respond to investors’ needs and provide the capital to make our economy the best in the world,” Trump added. “He also understands that digital assets and other innovations are essential to making America greater than ever.”
The committee oversees U.S. securities markets and investments and is currently chaired by Gary Gensler, who has led the U.S. government’s crackdown on the cryptocurrency industry. Gensler, who was nominated by President Joe Biden, announced last month that he would step down on Trump’s inauguration day, Jan. 20, 2025.
Cryptocurrency Capital
Trump, once a cryptocurrency skeptic, has pledged to make the United States the “cryptocurrency capital of the planet” and create a “strategic reserve” of Bitcoin.
Money has poured into crypto assets since his victory, with Bitcoin, the largest cryptocurrency, now worth more than $100,000. Shares in cryptocurrency platform Coinbase have risen more than 70% since the election.
Paul Atkins began his career as a lawyer and has a long history of working in the financial markets industry, both in government and private practice. In the 1990s, he served on the staffs of two former SEC chairmen, Richard C. Breeden and Arthur Levitt.
He began his tenure as SEC commissioner in 2002, as the fallout from corporate scandals at Enron and WorldCom heightened tensions on Wall Street and its government regulators.
Who is Paul Atkins?
Paul Atkins was widely considered the most conservative member of the SEC during his tenure at the agency and was known for his strong free-market leanings. As commissioner, he advocated greater transparency and cost-benefit analysis of new SEC rules.
He also stressed investor education and increased enforcement efforts against those who rip off investors online, manipulate markets, engage in Ponzi schemes and other types of fraud.
Meanwhile, Paul Atkins has objected to stiff penalties for companies accused of fraudulent behavior, arguing that they do not deter crime. He caused a stir in the summer of 2006 when he argued that the practice of granting stock options to executives before the disclosure of news that was certain to boost the stock price did not constitute insider trading.
What is Atkins’ experience?
Atkins has some experience working for Trump. During Trump’s first term, Atkins was a member of the President’s Strategic and Policy Forum, an advisory group of more than a dozen CEOs and business leaders who provided input on how to create jobs and accelerate economic growth.
In 2017, Atkins joined the Token Alliance, a cryptocurrency advocacy organization.
Cryptocurrency industry participants welcomed Trump’s victory, hoping it would push for legislative and regulatory changes they have long lobbied for.
Trump himself launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.
