President-elect Donald Trump announced Wednesday the nomination of Paul Atkins, a former Securities and Exchange Commission (SEC) commissioner, to head the agency. The move places a staunch conservative with extensive regulatory experience at the helm of Wall Street’s primary oversight body. Atkins will replace outgoing Chair Gary Gensler, whose tenure was marked by aggressive reforms targeting transparency and regulation in financial markets.
On Truth Social, Trump shared his nomination of Atkins, stating, “Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
Atkins, known for his free-market approach, previously served as an SEC commissioner from 2002 to 2008 under President George W. Bush. During his tenure, he opposed policies he deemed overly restrictive, including increased oversight of hedge funds and internal audit controls. Trump lauded Atkins’ belief in innovative capital markets and his commitment to fostering economic growth, highlighting his views on digital assets as essential for America’s future.
Currently, Atkins serves as CEO of Patomak Global Partners, a strategic advisory firm consulting with banks, fintech companies, and other financial institutions. He has also been active in crypto policy, co-chairing the Token Alliance and serving on the advisory board of the Chamber of Digital Commerce.
Trump’s nomination of Atkins is expected to bring significant changes to the SEC. Industry insiders anticipate a rollback of many of Gensler’s initiatives, including crypto enforcement actions and regulations affecting hedge funds, trading platforms, and environmental, social, and governance (ESG) investing. Atkins’ appointment aligns with Trump’s stance against what he calls “woke” capitalism, and he has criticized shareholder activism focused on social and environmental causes.
The crypto industry, which has supported Trump’s campaign, has welcomed the nomination. Ji Kim of the Crypto Council for Innovation called it a “strong, forward-leaning pick,” expressing optimism for a more innovation-friendly SEC.
Atkins’ nomination signals a likely policy shift at the SEC, with a focus on reducing regulatory burdens, promoting capital formation, and fostering growth in the digital asset sector. He is set to assume leadership following Gensler’s departure on January 20.