Michaela
Former U.S. Securities and Exchange Commission (SEC) Commissioner Paul Atkins is reportedly the top contender to lead the SEC under President-elect Donald Trump’s upcoming administration, signaling a potential shift in the direction of U.S. financial regulation.
According to a Bloomberg report, Atkins had been interviewed by members of Trump’s transition team as a likely candidate for the position.
Atkins brought extensive experience within the SEC. Having served as a former commissioner and staffer under two previous SEC Chairs, Richard Breeden and Arthur Levitt, Atkins possesses a deep understanding of the agency’s operations. This makes him a highly qualified candidate for the role of SEC Chairman.
Known for his pro-innovation stance and extensive knowledge of the cryptocurrency sector, Paul Atkins is regarded as someone who could “restore the agency to the so-called ‘gold standard,'” Fox Business Journalist Eleanor Terrett reported on X.
Related: Florida Court Lets $80M Binance Bitcoin Lawsuit Move Forward
Atkins’ potential appointment as SEC Chairman comes amid growing speculation that the Trump administration may shift the regulatory oversight of cryptocurrencies from the SEC to the Commodity Futures Trading Commission (CFTC).
The SEC previously asserted broad authority over the cryptocurrency market, often labeling tokens as securities based on the Howey Test. This classification has led to numerous enforcement actions and created significant regulatory uncertainty within the industry.
Many crypto companies have faced scrutiny and legal challenges as a result of these rulings, which have left the market seeking clearer guidelines. The SEC under a Paul Atkins leadership could mark a major shift in U.S. cryptocurrency policy, possibly enforcing a more balanced approach to regulation.
Related: US CFTC Approves Spot Crypto Trading on Regulated Exchanges
Gensler Steps Down as SEC Chair
Gary Gensler is set to step down as Chairman of the SEC in January 2025. His resignation comes in the wake of Trump’s pledge to remove Gensler from his position on his first day in office.
During his speech at the Practicing Law Institute’s 56th Annual Institute on Securities Regulation, Gensler emphasized several significant initiatives undertaken during his tenure, such as reforms to Treasury markets, updates to equity market regulations, and improvements to corporate governance standards.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
