President-elect Donald Trump has announced that pro-crypto advocate Paul Atkins will replace Gary Gensler as the head of the Securities and Exchange Commission (SEC).
The former SEC commissioner and CEO of Patomak Partners was called a “proven leader for common sense regulations” by Trump.
Since leaving the SEC in 2008, Atkins has echoed sentiments similar to Trump’s about the agency’s route, claiming it was imposing too much regulation on the market.
“He 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 also recognizes that digital assets and other innovations are crucial to making America greater than ever before,” Trump wrote on Truth Social.
Atkins already has experience working for Trump in the President-elect’s first term.
The former commissioner served as a member of the President’s Strategic and Policy Forum, an advisory group for economic growth, in Trump’s first term.
During his previous tenure as commissioner, Atkins was recognized for advocating principles-based regulation and transparency while often cautioning against overly burdensome regulatory measures that might stifle market innovation.
Before and after his time at the SEC, Atkins has built a reputation as a staunch advocate for free-market principles and efficient regulatory practices.
The crypto industry and pro-innovation senators have celebrated Atkins’s taking over as Gary Gensler’s replacement on Jan. 20, 2025.
Hester Peirce, appointed as commissioner at the SEC by Trump in 2018, said she was “delighted” at Atkins’s selection to head up the agency.
“We have a lot of work to do at the SEC to advance free markets, capital formation, investor choice, and innovation,” Peirce said. “Having worked for [Atkins] during his last stint at the agency, I cannot think of a better person for the job.”
Meanwhile, Ripple CEO Brad Garlinghouse said choosing Atkins was an “outstanding choice” that will “bring common sense” back to the agency.
“Along with Hester Peirce and Mark Uyeda, it’s time to swiftly and definitively end the prohibition era on crypto, restoring freedom of choice, economic growth, and innovation,” the Ripple chief wrote on X.
Atkins has also served as the co-chair of the Digital Chamber’s Token Alliance since 2017, which works towards the publishing of regulations for digital assets.
Jake Chervinsky, chief legal officer at Federal Government software provider Variant, said it was impossible to express “the magnitude of the shift we’re likely to see at an SEC” run by Atkins.
“Crypto has literally never existed without the overhang of uncertainty or hostility from US regulators,” he wrote on X. “This moment is a regulatory singularity before a new era for crypto.”
Despite most of the industry celebrating Atkin’s appointment, Republican and Ripple trial lawyer John Deaton said Atkins would not be the right pick unless he made specific changes internally in the SEC.
“If Paul Atkins doesn’t fire, or at least demote, certain individuals and completely dismantle—that is, do away with—the crypto unit, he’s not the right pick,” Deaton wrote on X.
Deaton said there was no need to have a separate crypto unit in the agency; instead, he believed there should be a general fraud unit “that goes after all types of fraud cases.”
In addition, Deaton said Atkins needs to make clear that DeFi and self-custody do not fall within the SEC’s jurisdiction.