US president-elect Donald Trump has confirmed the nomination of former Securities and Exchange Commission (SEC) chair and cryptocurrency supporter Paul Atkins as the next head of the agency.
Mr Trump announced the appointment in a post on his social media platform Truth Social, praising Mr Atkins as a proven leader in capital markets and regulation and emphasising his commitment to innovation and digital assets.
“Paul believes in the promise of robust, innovative capital markets that are responsive to the needs of investors and that provide capital to make our economy the best in the world,” he posted.
“He also recognises that digital assets and other innovations are crucial to making America greater than ever before.”
Mr Atkins held the role of SEC commissioner for six years under the George W Bush administration and has also worked in corporate law and regulation at top US firms.
In 2009, Mr Atkins became the founder and chief executive officer of financial services consultancy Patomak Global Partners, which advises crypto-related clients looking to integrate digital currencies into their businesses.
He has served since 2017 as co-chair of the Token Alliance — a pro-crypto division of the Digital Chamber advocacy group — and has led the development of best practices for regulating crypto.
Mr Atkins is expected to regulate cryptocurrencies with a lighter touch than current SEC chair Gary Gensler, who has widely antagonised the crypto industry by going after key players with aggressive enforcement actions.
Mr Gensler, who has consistently advocated for stricter regulations on cryptocurrency, has been accused of creating an environment of confusion for crypto projects.
Mr Gensler confirmed last month that he would step down in January when Mr Trump is sworn into office.
The price of cryptocurrencies, particularly bitcoin, is reported to have rallied on the announcement of Mr Atkins’ appointment, reflecting the crypto community’s approval of Mr Trump’s move.
Industry experts have suggested Mr Atkins will bring a more collaborative approach to the role and potentially steer the agency towards less restrictive policies.
His nomination is awaiting Senate approval.
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