Michaela Alvez
President-elect Donald Trump has reportedly picked former U.S. Securities and Exchange Commission (SEC) commissioner Paul Atkins as the replacement for outgoing SEC Chair Gary Gensler. However, reports suggest Atkins may be hesitant to take on the role.
Atkins served as an SEC commissioner from 2002 to 2008, under Presidents George W. Bush and Bill Clinton. During his tenure, Atkins was known for opposing overly restrictive regulations, including those that could hinder innovation in emerging sectors such as blockchain technology and digital assets.
Atkins’ potential appointment is widely seen as a move aligned with Trump’s campaign pledge to foster cryptocurrency innovation and establish clearer regulatory frameworks for the industry.
Fox Business reporter Eleanor Terrett teased that Trump could announce Gensler’s replacement as soon as tomorrow.
According to reports, Trump has interviewed Paul Atkins for the position of SEC Chair. Atkins visited Trump’s Mar-a-Lago residence this week, where discussions about the potential role reportedly took place. Sources familiar with the matter confirmed that Atkins was scheduled for interviews on Sunday and Monday.
The cryptocurrency industry is abuzz with speculation regarding Atkin’s potential appointment. His possible nomination has sparked optimism among some industry leaders, who hope for a regulatory approach that is more supportive of crypto innovation. Senior ETF analyst Eric Balchunas weighed in on Atkins’ candidacy, sharing his thoughts on X. “Good background on new SEC chair,” Balchunas wrote.
However, reports indicated that Atkins had expressed reluctance to take on the role of SEC Chair. A source familiar with Atkin’s thinking cited his concerns over the significant work needed to address what he views as mismanagement under Gensler’s leadership.
Assuming the role would require Atkins to step down from his current business ventures, sources close to the matter have said.
Paul Atkins is the CEO of Patomak Global Partners, a consultancy that provides advisory services to financial institutions, including banks, cryptocurrency firms, and trading organizations.
The firm specializes in navigating complex regulatory landscapes and helping clients comply with U.S. financial regulations.
Trump’s Administration Shapes Crypto Regulations
The Trump administration is reportedly looking to shift cryptocurrency oversight from the SEC to the Commodity Futures Trading Commission (CFTC), marking a significant change in regulatory strategy.
This move is aimed at expanding the CFTC’s role in overseeing the digital asset market, particularly assets like Bitcoin and Ethereum. The CFTC, known for its pro-innovation stance, could bring a more supportive approach to the growing crypto industry.
This shift is seen as part of a broader effort to reduce the SEC’s influence, which has been criticized for its more restrictive approach to crypto regulation, especially under Gensler.
Read More
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- Crypto and Wall Street’s Costliest Year? SEC Announces Record $8.2 Billion in Fines and Penalties
- Second Trump Term May Yield ‘Friendlier’ SEC, Says Global Law Firm
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
