By ALEX VEIGA, AP Business Writer
President-elect Donald Trump announced Wednesday that he intends to nominate cryptocurrency advocate Paul Atkins to chair the Securities and Exchange Commission.
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Trump said Atkins, the CEO of Patomak Partners and a former SEC commissioner, was a “proven leader for common sense regulations.” In the years since leaving the SEC, Atkins has made the case against too much market regulation.
“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,” Trump wrote on Truth Social.
The commission oversees U.S. securities markets and investments and is currently led by Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry. Gensler, who was nominated by President Joe Biden, announced last month that he would be stepping down from his post on the day that Trump is inaugurated — Jan. 20, 2025.
Trump, once a crypto skeptic, had pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Money has poured into crypto assets since he won. Bitcoin, the largest cryptocurrency, is now above $95,000.
Atkins began his career as a lawyer and has a long history working in the financial markets sector, both in government and private practice. In the 1990s, he worked on the staffs of two former SEC chairmen, Richard C. Breeden and Arthur Levitt.
His work as an SEC commissioner started in 2002, a time when the fallout from corporate scandals at Enron and WorldCom had turned up the heat on Wall Street and its government regulators.
Atkins was widely considered the most conservative member of the SEC during his tenure at the agency and known to have a strong free-market bent. As a commissioner, he called for greater transparency in and analysis of the costs and benefits of new SEC rules.
He also emphasized investor education and increased enforcement efforts against those who steal from investors over the internet, manipulate markets, engage in Ponzi schemes and other types of fraud.
At the same time, Atkins objected to stiff penalties imposed on companies accused of fraudulent conduct, contending that they did not deter crime. He caused a stir in the summer of 2006 when he said the practice of granting stock options to executives before the disclosure of news that was certain to increase the share price did not constitute insider trading.
Atkins already has some experience working for Trump. During Trump’s first term, Atkins was a member of the President’s Strategic and Policy Forum, an advisory group of more than a dozen CEOs and business leaders who offered input on how to create jobs and speed economic growth.
In 2017, Atkins joined the Token Alliance, a cryptocurrency advocacy organization.
Crypto industry players welcomed Trump’s victory in the hopes that he would push through legislative and regulatory changes that they’ve long lobbied for.
Trump himself has launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.