Former commissioner Paul Atkins is top candidate for SEC chair

Former U.S. Securities and Exchange Commission Commissioner Paul Atkins is the favorite to become the regulator’s next chairman.

Fox Business Eleanor Terrett said in a statement via X that Atkins is still the leading candidate for the role, which Gary Gensler will leave in January 2025. The former SEC commissioner is highly regarded as a potential top pick for President-elect Donald Trump, who was announced during his campaign. He said he would fire Gensler on the first day of his presidency.

The outgoing SEC chairman has chosen to resign and will leave on January 20.

Gensler could be replaced by Atkins, a reformist who served as commissioner of the securities watchdog from July 9, 2002 to August 2008. Atkins served as commissioner and staff at the agency under two SEC chairmen (Richard C. Breeden and Arthur Levitt).

According to Terrett, sources at Mar-a-Lago say Trump’s transition team is headed by a crypto-savvy former SEC commissioner.

The idea is that Atkins will push the pro-innovation agenda pursued by the Trump administration and the Republican Party. For many, this is the next step after four largely negative years under Gensler. The SEC chairman and the commission followed a regulatory-by-practice approach that has been widely criticized.

Gensler’s leadership also failed to provide meaningful guidance to the industry. But it has accused multiple crypto companies and suffered several legal blows in US courts.

Cryptocurrencies rose sharply after Trump’s victory. While Bitcoin (BTC) rose to nearly 100 thousand dollars, many altcoins, including XRP, continued their rise after the SEC chairman announced his resignation.

Also boosting markets is news that the Trump administration wants to hire the first cryptocurrency czar in the US.