After much anticipation, the newly elected president of the United States, Donald Trump has nominated a new chairman for the Securities and Exchange Commission (SEC). In a post, Trump announced Paul Atkins, the CEO and founder of Patomak Global Partners as the new boss of the regulatory agency.
While making the announcement, Trump described Paul as a well-established leader for common sense regulations. He says the Patomak CEO believes in the true potential of robust, innovative capital markets that align with the needs of traders. According to Trump, Atkins is also a great believer in the importance of digital assets in making America greater than ever before.
Atkins to bring pro-crypto innovations to SEC
Described as an expert in risk management consultancy, Atkins earned a J.D from Vanderbilt University School of Law. Prior to his nomination, Atkins served as the co-chairman of the Digital Chamber’s Token Alliance. He was also the former SEC commissioner between 2002 and 2008. While serving in such capacity, Atkins championed the advocacy for transparency and protection of investors in the financial market. Atkins will replace Gary Gensler, who is expected to leave his role by January 20.
Under Gensler’s administration, the SEC carried out a host of enforcement actions against crypto service providers. While there is no standard regulatory framework for crypto in the U.S., Gensler-led SEC applied existing financial laws to challenge the legality of the services rendered by these firms.
Top crypto exchanges like Binance and Coinbase are among the crypto firms that have faced legal actions from the SEC. In most of the lawsuits, the regulator claimed cryptocurrencies are securities and should be under its purview. The regulatory confusion caused by SEC action has hindered the growth of digital assets in the U.S. With the nomination of Atkins, experts foresee the pro-crypto approach and regulations in the country.
Meanwhile, Atkins nomination comes barely some weeks after Trump nominated Scott Bessent – a Bitcoin advocate – as the Treasury secretary.
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