Trump Taps Crypto-Friendly Atkins to Lead SEC
In a post on Truth Social on Wednesday, US Pres.-elect Donald Trump announced his nomination of Paul Atkins, a former SEC commissioner under George W. Bush, to lead the Securities and Exchange Commission as chairman under his incoming administration....
Facts
- In a post on Truth Social on Wednesday, US Pres.-elect Donald Trump announced his nomination of Paul Atkins, a former SEC commissioner under George W. Bush, to lead the Securities and Exchange Commission as chairman under his incoming administration.[1][2]
- Atkins, 66, currently serves as CEO of Patomak Global Partners, a financial consulting firm with cryptocurrency clients, and co-chairs the Digital Chamber's Token Alliance, which advocates for the cryptocurrency industry.[3][4]
- The nomination marks a significant shift from current SEC Chair Gary Gensler's approach, who pursued aggressive enforcement actions against cryptocurrency companies, and will step down in January.[5][6]
- As an SEC commissioner from 2002–2008, Atkins pushed for transparent rule-making and market access, opposing a landmark rule for a national electronic stock market, arguing it stifled competition and over-regulated brokers managing client orders.[1][7]
- Trump, who is also involved in a crypto business, reportedly met with Atkins at Mar-a-Lago alongside Vice Pres.-elect JD Vance and advisor Vivek Ramaswamy before making the nomination.[5][4]
- Bitcoin prices have surged over 65% since the election, with investors anticipating a lighter regulatory approach to cryptocurrency under the Trump administration. Upon Atkins' nomination announcement, Bitcoin jumped over $1K, reaching almost $100K in value.[5][8]
Sources: [1]FOX News, [2]USA Today, [3]Washington Examiner, [4]New York Times, [5]New York Post, [6]NPR Online News, [7]Wsj and [8]CNN.
Narratives
- Republican narrative, as provided by unchainedcrypto.substack.com. With this nomination, Donald Trump has delivered on his promise to boost the crypto industry. Known for his libertarian stance and crypto advocacy, Atkins has supported clearer regulations and advised digital finance companies for well over a decade. His appointment signals a shift from Gary Gensler’s debilitating enforcement approach to fostering innovation. Under his leadership, the US will become a global leader in crypto.
- Democratic narrative, as provided by NPR Online News. The nation should approach Trump’s economic policies and appointees with extreme caution. His tariffs are set to drive inflation, his deregulatory agenda offers only short-term gains, and his crypto policies, driven by his friends in the industry, seem designed to favor insiders over the broader market. The contradictions in his cabinet choices make these plans appear far from secure.
