President-elect Donald J. Trump has chosen Paul Atkins, a pro-business conservative and former regulator, to serve as chair of the Securities and Exchange Commission (S.E.C.). Atkins, 66, is well-known in Washington legal circles and the securities regulatory community for his advocacy for looser regulation of crypto assets, an issue that Trump adopted during his campaign.
Atkins, who worked at the S.E.C. under President George W. Bush, has been a strong advocate for reduced regulations on crypto assets. He founded Patomak Global Partners, a financial services consulting firm that advises banks and investment firms on regulatory matters. Atkins is also co-chair of the Token Alliance, which helps draft “best practices” for crypto trading platforms.
The S.E.C.’s new chair is likely to take a lighter regulatory approach than current Chair Gary Gensler, who has been criticized by Republicans for pushing progressive causes. Trump’s transition team consulted with crypto executives on key regulatory appointments, including at the S.E.C., and the president-elect has promised to end the S.E.C.’s crackdown on crypto.
The S.E.C.’s new chair will need Senate confirmation. One of the first decisions they will have to make is whether to continue or dismiss high-profile enforcement actions against crypto firms, such as Coinbase, which was charged with violating securities law by failing to register as a broker and allowing unregistered crypto assets to be sold on its platform.
The appointment of Atkins as S.E.C. chair has been welcomed by the crypto industry, with some hailing him as a “pro-Bitcoin” choice who would be more friendly to the industry than Gensler’s approach. However, critics say that Atkins’ pro-business stance may lead to reduced oversight and enforcement actions against companies in the industry.
The S.E.C.’s role is critical in setting policy decisions for the commission, but the chair is just one of five members. The Democrats will have a single commissioner on the S.E.C. after Jaime Lizárraga steps down on Jan. 17 to spend more time with his ailing wife.
Source: https://www.nytimes.com/2024/12/04/business/trump-sec-paul-atkins.html