President-elect Donald Trump announced his intention to nominate cryptocurrency advocate Paul Atkins as the next head of the Securities and Exchange Commission (SEC).
Trump praised Atkins, a former SEC commissioner and CEO of Patomak Partners, for his support of “common sense regulations” in the capital markets. The SEC oversees US securities markets and investments, currently led by Gary Gensler, who is stepping down on January 20, 2025.
This nomination comes as crypto assets continue to gain popularity, with bitcoin reaching a record high over $100,000. Shares of Coinbase have surged over 70% since the election.
Cryptocurrency industry players welcomed Trump’s victory, hoping for regulatory changes that would support their industry. Atkins has a history working in the financial markets sector and has expressed his support for robust and innovative capital markets.
However, not everyone is optimistic about Atkins’ appointment. Congressman Brad Sherman expressed concerns that Atkins may not sufficiently regulate cryptocurrencies, potentially leaving investors vulnerable to fraud.
Atkins has experience working with Trump, including serving on the President’s Strategic and Policy Forum and joining the Token Alliance, a cryptocurrency advocacy organization in 2017.
Source: https://apnews.com/article/sec-chair-atkins-gensler-investors-financial-markets-d1c544f1846071b33c75b9f2dd0c1ba4