President-elect Donald Trump is reportedly considering selecting former United States Securities and Exchange Commission (SEC) Paul Atkins as SEC Chair as he is a “favorite” amongst his transition team, Fox Business’ Eleanor Terrett revealed late Thursday.
Paul Atkins In Running For SEC Chair
Speaking with two anonymous sources close to Mar-a-Lago, Terrett disclosed that Atkins was allegedly “in the lead” for the coveted role at the federal regulator.
According to Terrett, Atkins – who previously served under SEC chairs Richard Breeden and Arthur Levitt – is both “crypto savvy” and has a “deep understanding of the inner workings of the agency.”
“Atkins is seen as being capable of establishing a pro-innovation agenda while returning the agency to the so-called “gold standard” many in the Republican Party feel was lost under outgoing chair Gary Gensler,” Terrett said in a November 26 X post.
Donald Trump’s Stance On Digital Asset Regulations
News of Atkins’ potential leadership comes amid reports that Trump could heavily shift regulatory oversight of digital assets from the SEC to the Commodity Futures Trading Commision (CFTC).
According to Bloomberg, current potential replacements of CFTC head Rostin Benham – including CFTC official Jill Sommers and Republican Commissioner Caroline Pham – could only serve to benefit the digital asset industry as a whole.
Meanwhile, current SEC Chair Gary Gensler announced his resignation from the federal regulator last week ahead of Trump’s January 2025 inauguration.
“The Securities and Exchange Commission is a remarkable agency,” Gensler wrote in a farewell press release. “It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”
Following Gensler’s announcement, SEC Commissioner Jaime Lizárraga released news of resignation last Friday.
“Until my departure in January, I will remain fully engaged in the Commission’s ongoing work and activities,” he said in a November 22 statement.
With both Lizárraga and Gensler stepping down from their respective roles, the SEC’s remaining commissioners consist of Republicans Hester Peirce and Mark Uyeda as well as sole Democrat Caroline Crenshaw.
With Crenshaw’s term also effectively up, the President-elect will now have more say than ever over the commission’s direction.
Trump, who most recently launched his family’s crypto platform World Liberty Financial, has regularly vowed to enact a crypto-friendly regulatory framework upon returning to the Oval Office.
However, with a unified government under his belt, Trump may be able to shift the regulatory direction of crypto assets for generations.
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