President-elect Donald Trump announced his plans on Wednesday to nominate Paul Atkins as chairman of the Securities and Exchange Commission (SEC).
Atkins, a former SEC commissioner, is the founder and CEO of Patomak Global Partners, a consulting firm that works with clients in the financial and cryptocurrency industries.
The news comes just a few weeks after SEC Chair Gary Gensler announced his resignation from his post come January 20, the day Trump is expected to be inaugurated. While Gensler was a staunch critic of the digital currency community, Trump’s latest pick in Atkins signals his growing support of cryptocurrencies, an industry he’s welcomed all throughout his campaign trail. In July, Trump promised that if he were to return to the White House in 2025, he would turn the U.S. into a “Bitcoin superpower” and the “crypto capital of the planet.”
Atkins himself has served as co-chairman of crypto advocacy group Digital Chamber’s Token Alliance since 2017.
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“Paul is a proven leader for common sense regulations,” Trump wrote in a post announcing his nomination on Truth Social. “He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
Atkins previously served as SEC commissioner from 2002 to 2008, under former President George W. Bush. He also served as a member of Trump’s economic advisory group during his first term.
Several industry leaders issued their reactions following the news on Wednesday afternoon. Investment Company Institute (ICI) President and CEO Eric J. Pan applauded the nomination, adding that Atkins’ “distinguished record, years of experience in the industry, and history of service at the SEC make him a supremely well qualified nominee.”
Atkins understands that registered fund companies play a major role in the US economy. His leadership will be vital to ensuring the strength, fairness, and integrity of our financial markets,” added Pan. “We look forward to working with him to promote the interests of registered funds and the more than 120 million investors they serve.”
Bitcoin soared by over $1,000 following Trump’s announcement and continued to rally throughout the day.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
