Donald Trump may tap Paul Atkins as SEC chair

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As an analyst with over two decades of experience in the financial industry and a keen interest in cryptocurrencies, I find myself intrigued by the latest developments at the U.S. Securities and Exchange Commission (SEC). The potential appointment of Paul Atkins as the new SEC chair could be a game-changer for the crypto industry, given his vocal support and understanding of blockchain technology. However, his reluctance to take up the offer leaves us in a state of anticipation.

After Donald Trump appointed Paul Atkins as the new chair of the U.S. Securities and Exchange Commission, Bitcoin surged past $95,500.

It’s said that President-elect Donald Trump intends to appoint former Securities and Exchange Commission Commissioner Paul Atkins to take over from outgoing chairman Gary Gensler at the head of the federal securities regulatory agency, as per sources familiar with the situation.

In support of the cryptocurrency sector, Atkins has been quite outspoken. Many people think he could modify the aggressive tactics used by the SEC under Gensler’s leadership over the past four years. Following Trump’s inauguration in January, Gensler stepped down, a move welcomed by blockchain advocates who felt mistreated by his anti-crypto legal strategy.

According to the overall opinion on cryptocurrency social media platforms, it’s widely believed that Atkins has strong backing from influential figures in the industry. They anticipate a change in the SEC’s leadership with the incoming Trump administration.

Over the last few weeks, Atkins has been mentioned as Trump’s top choice for the position. The President’s team has actually reached out to Atkins, the former SEC official, to talk about the role. Nevertheless, Atkins seems reluctant to take up Trump’s offer, according to Coindesk.

According to insider reports, it appears that Atkins was hesitant to untangle Gensler’s predicament, an attitude echoed by Chris Giancarlo, the ex-chair of the Commodity Futures Trading Commission, who himself had been suggested as a potential nominee for SEC chair.

Regarding speculations about my potential run for the position at the Securities and Exchange Commission, I’ve made it clear that I’ve already addressed the issues left by Gary Gensler during his tenure at the Commodity Futures Trading Commission, and I have no desire to repeat the process. Additionally, reports suggesting my interest in a cryptocurrency role within the U.S. Treasury are unfounded.

— Chris Giancarlo (@giancarloMKTS) November 14, 2024

If Atkins decides not to accept the offer, there are at least two other qualified individuals who could step into the role. These candidates include Brian Brooks, a former CEO of Binance U.S., and Teressa Goody Guillén, an expert in securities law.

Previously, Dan Gallagher, former SEC official and Chief Legal Officer at Robinhood Markets, was being considered for a role, but he withdrew from the running last month. At present, Commissioners Mark Uyeda and Hester Peirce are being suggested as possible successors to the current SEC chair, Gary Gensler. However, crypto lawyer Jakes Chervinsky has expressed doubts about their chances, suggesting that President Trump might prefer a fresh appointment instead.

She has a low likelihood of getting the job, as I believe her reluctance towards it is evident. Uyeda, however, has reasonable chances, and I suspect Trump might opt for a fresh face rather than Uyeda.

— Jake Chervinsky (@jchervinsky) November 6, 2024

Although there’s some doubt about Atkins’ selection, the industry remains optimistic that Trump will choose a pro-cryptocurrency figure as his SEC chair when he assumes office next month. Additionally, both the President and his transition team have contemplated appointing the nation’s first Crypto Czar to lead digital asset policy within Washington.

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2024-12-03 22:22