U.S. President-elect Donald Trump has nominated Paul Atkins to serve as the new Chair of the Securities and Exchange Commission (SEC), effective January 20, 2025.
“Paul is a proven leader who advocates for common-sense regulations. He believes in the promise of strong and innovative capital markets that address the needs of investors while providing the capital necessary to make our economy the best in the world,” Trump said in a statement on Wednesday.
The president-elect, set to take office on January 20, also emphasized that the incoming SEC Chair “recognizes that digital assets and other innovations are crucial to making America greater than ever.”
Atkins previously served as one of the SEC commissioners, appointed by George W. Bush in 2002, a role he held until 2008.
He is currently the CEO of Patomak Global Partners, a strategic consulting firm for major financial clients that he founded in 2008 after leaving the SEC. At Patomak, he advises banks, trading firms, and fintech companies, among others.
Industry insiders anticipate that Atkins’ tenure will focus on deregulation, contrasting with the years under Gary Gensler, who was known for his rigorous enforcement of regulations.
The nominated SEC Chair has expressed support for digital assets, a stance that aligns with the immediate rise in Bitcoin’s value following Trump’s announcement. Within just an hour of the news, the cryptocurrency rose 1.25%, surpassing the $97,000 mark.
