Donald Trump may tap Paul Atkins as SEC chair

Bitcoin surged above $95,500 after President Donald Trump named Paul Atkins as the new chairman of the U.S. Securities and Exchange Commission.

President-elect Donald Trump is reportedly ready to appoint former SEC Commissioner Paul Atkins to replace outgoing chairman Gary Gensler as head of the federal securities watchdog, according to sources with insider knowledge of the matter.

Atkins is a strong supporter of the crypto industry, and many believe he could prevent the scorched earth approach implemented by the SEC during chairman Gensler’s four-year tenure. Ahead of Trump’s inauguration in January, Gensler announced his resignation, to the delight of blockchain advocates who felt the anti-crypto litigation agenda was struggling.

The general crypto social media consensus suggested that Atkins was supported by industry leaders who anticipate new SEC leadership under the Trump administration.

Atkins has been tipped as Trump’s choice for the position over the past few weeks, and the President’s team even contacted the former SEC official to discuss the role. However, according to Coindesk, Atkins is hesitant to accept Trump’s offer.

According to insiders, Atkins was reluctant to correct Gensler’s mess, a stance shared by former Commodity Futures Trading Commission chairman Chris Giancarlo, who has also been mentioned as a possible SEC chairman candidate.

As for reports that I’m in the mix to make it work @SECGovI’ve made it clear that I’ve cleaned up the Gary Gensler mess before @CFTC And I don’t want to do this again. Rumor has it that I’m interested in some in DC #crypto role @USTreasury They are wrong too.

— Chris Giancarlo (@giancarloMKTS) November 14, 2024

It is stated that if Atkins rejects this appointment, at least two more candidates with knowledge of crypto will be on the list. Former Binance US CEO Brian Brooks and securities law expert Teressa Goody Guillén have been cited as potential options.

EX-SEC official and Robinhood Markets CLO Dan Gallagher was also in contention before withdrawing from the pool last month. Current SEC Commissioners Mark Uyeda and Hester Peirce have been floated as potential replacements for Gensler, but crypto lawyer Jakes Chervinsky downplayed the chance. Chervinsky thinks President Trump would prefer to appoint a new official.

Too low, because I don’t think he wants the job. I give Uyeda good odds, but I think Trump would prefer to bring in someone new himself.

— Jake Chervinsky (@jchervinsky) 6 November 2024

Despite the uncertainty surrounding Atkins’ decision, the industry is confident that Trump will nominate a pro-crypto official to head the SEC when he takes office next month. The president and his transition team also explored appointing the first U.S. cryptocurrency czar to lead digital asset policy in Washington.