After a month of speculations and rumors, the buzz around the SEC chair nomination is now finalized when Donald Trump announced on Wednesday that he intends to see Paul Atkins as the next chairman. This disclosure has given Bitcoin a little push that it achieved its all-time impressive high of $100K.
According to Trump, Paul Atkins is a “proven leader for common sense regulations”, with his commendable career as a Securities And Exchange Commission (SEC) commissioner under then-President George W. Bush. “He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” Trump added.
Gary Gensler, the current SEC chairman, nominated by Joe Biden, will step out from his role on January 20th, 2025, the day when Trump will be inaugurated. If Paul Atkins files his nomination, he will be reviewed by the Senate Banking Committee where his background, experience, and policy positions will be assessed to check whether he can replace Gensler.
Who is Paul Atkins?: Background & Career
Paul Atkins, who received his Juris Doctor degree in 1983 from Vanderbilt University School of Law, started his first job as a practicing lawyer in New York with Davis Polk & Wardwell. From 1990 to 94, he worked as a staff of former SEC chairmen Richard C. Breeden and Arthur Levitt.
Atkins was appointed as a commissioner of SEC on July 9th, 2002, a role he served until 2008. After resigning, he started his own consulting firm called Patomak Global Partners. He had a long-standing relationship with Trump, and this collaboration attracted mainstream attention when he participated in Donald Trump’s 2016 election campaign as an adviser. He is currently continuing his role as the CEO of Patomak Global Partners.
What Does the Record of Paul Atkins Say About Crypto?
Paul Atkins has experience-level knowledge of the blockchain industry and the U.S. regulatory frameworks. His crisis management skills witnessed during the past financial instability and expertise in the emerging digital economy makes him unquestionably the perfect candidate for SEC Chairman’s role.
As an advisor, Atkins has served various firms that work on crypto-based projects. With his pro-crypto stands, he criticized the strict regulatory policies of the previous SEC headed by Gensler, which made him famous around the web3 communities. His role is expected to provide a foundation for innovative blockchain-based ideas and a boom in the U.S. crypto economy.
Responses to Paul Atkins’s Nomination
According to New York Senator Kirsten Gillibrand, Atkins could very well be a good SEC head. Ripple CEO Brad Garlinghouse responded that this move would bring common sense back to the agency. Gemini’s founders Winklevoss twins also opined that he would be a great choice for the role.
Spokesperson Kyle Herrig said that the nomination aligns with Donald Trump’s commitment to his 2025 Agenda to dismantle ESG (Environmental, Social, and Governance). It will roll back the accountability and transparency of the government. Paul himself hasn’t yet responded to this. Whether he will resign from the CEO position and accept this offer is another question.
Final Thoughts
The scrutiny of the blockchain industry by previous regulatory policies will radically change with the arrival of a pro-crypto government, and an expert like Paul Atkins will be a cherry on top. The anticipated restructuring will make the U.S. one of the most crypto-friendly nations in the world. The crypto community now awaits the response of Paul Atkins, which will be out soon.
Beyond the nomination of Atkins, the other nominations, including Robert F. Kennedy Jr. in Health & Human Services and Scott Bessent as the Treasury Secretary are also promising. Details of the remaining nominations will be announced in the coming days.
