- SEC chief Gary Gensler has announced resigning as SEC’s chair in January 2025.
- Gensler’s anti-crypto stance has raised concerns from the Republican party.
- Paul Atkins has been named and confirmed as the next SEC chair.
With President-elect Donald Trump assuming office and former Securities and Exchange Commission (SEC) chair Gary Gensler stepping down, all eyes were on who would lead the regulator.
After much anticipation, President Trump has selected former SEC commissioner Paul Atkins, who has just been confirmed by the U.S. Senate, as his top choice to lead the SEC.
Atkins has been a vocal advocate of digital assets and could usher in a new era of regulatory priorities.
Senate Confirms Atkins as SEC Chief
Paul Atkins, a former SEC commissioner with deep Wall Street ties, was confirmed as the new SEC chair in a tight 52–44 Senate vote on April 9, overcoming unified Democratic opposition.
His nomination had been delayed for months due to missing White House documentation and stalling key regulatory decisions.
Senator Elizabeth Warren led criticism of Atkins , citing his deregulatory agenda and financial industry background.
Atkins, now confirmed for a historic third time as a member of the SEC, defended his stance, calling the current SEC framework “overly politicized and burdensome.”
Crypto Ties and Regulatory Shake-Up Loom
Paul Atkins
On Dec. 4, President-elect Donald Trump praised Paul Atkins, calling him a “proven leader for common-sense regulations.”
Trump highlighted Atkins’ forward-thinking stance on digital assets and other innovations, framing them as essential to making America “greater than ever before.”
Atkins boasts an accomplished career, having served as CEO of Patomak Global Partners and co-chaired the Token Alliance, a group advocating for adopting digital assets.
Since 2017, he has led efforts to establish best practices for digital asset issuances and trading platforms.
A critic of the SEC’s regulatory approach under Gensler, Atkins has been vocal about his belief that Bitcoin is not a security.
His industry expertise and alignment with the administration’s priorities make him a solid pick for the SEC’s top role.
Gary Gensler to Leave in January
Gary Gensler will step down on Jan. 20, the same day President-elect Donald Trump is inaugurated.
His resignation will end a nearly four-year tenure during which the SEC took a strong stance on cryptocurrency regulation.
Under Gensler’s leadership, the SEC classified almost all cryptocurrencies as securities except for Bitcoin (BTC).
Despite repeated calls for clearer regulations from both the crypto industry and lawmakers, the SEC was criticized for its lack of comprehensive guidelines, leading to accusations of overreach and confusion.
While at the SEC, Gensler oversaw numerous high-profile lawsuits against major crypto platforms such as Coinbase, Kraken, Binance, and Ripple, accusing them of offering unregistered securities violating federal law.
With the crypto community expressing relief, attention turns to the SEC’s future leadership and whether Atkins will adopt a more balanced regulatory approach for digital assets.
Top Contenders
In the lead-up to Paul Atkins’ selection, a flurry of speculation surrounded the race to chair the SEC.
Several contenders emerged, each vying for a pivotal role in shaping the financial landscape. Here are the top candidates who were in the spotlight.
Brian Brooks
According to reports , Brian Brooks, a member of the HBAR Foundation’s board, was in the conversation about becoming the next chairman of the SEC.
Brooks would have brought extensive experience in financial policy, banking, and digital assets to the role.
Brad Bondi
Brad Bondi, Global Co-Chair of Investigations and White Collar Defense at Paul Hastings, was also reportedly under consideration.
Emerging as a key contender amid speculation over various candidates, Bondi was seen as a strong advocate for regulations that foster the crypto industry’s growth.
His ties to Trump are notable, having represented the SPAC that merged with Truth Social earlier this year.
Dan Gallagher
Dan Gallagher was initially Trump’s top pick to lead the SEC. His credentials made him a strong candidate for the role.
As a former SEC commissioner, he knows the regulatory landscape well and has criticized the agency’s handling of the crypto industry.
During his time at the SEC, Gallagher focused on regulatory practices, particularly those established after the 2008 financial crisis, and advocated for a review of U.S. stock market trading practices.
He has also expressed concerns about the constitutionality of the SEC’s internal courts.
Gallagher’s pro-crypto stance has earned him support from lawmakers, including Representative Bill Huizenga (R-Mich.). Huizenga praised Gallagher’s expertise following his testimony before the House Financial Services Committee.
Hester Peirce
Hester Peirce, often called ‘Crypto Mom’ by enthusiasts, was also a leading figure in U.S. financial regulation and a vocal advocate for clearer, more supportive crypto regulations.
As an SEC commissioner since 2018, Peirce has pushed for a balanced approach, arguing that overly strict rules could stifle innovation in the crypto industry.
She introduced the Safe Harbor proposal, which offers new token projects a three-year grace period to develop without heavy regulatory oversight.
Peirce’s willingness to engage with the crypto community and her advocacy for decentralized finance has made her a favorite among crypto proponents.
In a Sept. 16 statement, Peirce criticized the SEC, which she serves, for misapplying the Howey Test, a longstanding legal framework for determining what constitutes a security offering.
Mark Uyeda
Mark Uyeda, a current commissioner of the SEC, is considered the leading candidate for the chair position.
As a commissioner since June 2022, Uyeda has garnered widespread support for his balanced approach to regulatory oversight. He advocated a regulatory framework that protects investors while fostering innovation in financial markets.
Recently, Uyeda didn’t hold back in criticizing SEC chair Gary Gensler’s handling of crypto regulation. He called out the agency’s reliance on enforcement actions without offering firms any regulatory clarity.
The SEC commissioner shared his frustration with the agency. “Our policies over the past several years have been disastrous for the entire industry.”
Chris Brummer
Chris Brummer’s name also came up . Brummer is the Agnes Williams Sesquicentennial Professor of Financial Technology at Georgetown University Law Center.
He also wrote the book Cryptoassets: Legal, Regulatory and Monetary Perspectives and Fintech Law in a Nutshell. He is recognized as one of the most relevant voices in the U.S. fintech community.
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