President-elect Donald Trump announced Wednesday that he will nominate Paul Atkins to head the Securities and Exchange Commission, putting the traditional conservative and prominent Washington insider at the head of Wall Street's main regulator.
Atkins, a Republican and former SEC commissioner, will replace Gary Gensler, President Biden's ardent chairman whose ambitious policies have brought him into conflict with Wall Street and the crypto industry.
“We believe in the promise of robust, innovative capital markets that will meet investors' needs and provide the capital to make our economy the best in the world,” said Atkins. We also recognize that it is essential to making America greater than ever.” President Trump wrote in the post: on his social media platforms.
“He also recognizes that digital assets and other innovations are essential to making America greater than ever.”
Mr. Atkins and his representatives did not respond to requests for comment.
Mr. Gensler, who will resign on January 20, has enacted more than 40 rules aimed at increasing transparency, reducing risk and eliminating conflicts of interest on Wall Street, and is facing multiple charges of violating SEC rules. A lawsuit was filed against a virtual currency company.
Mr. Atkins is expected to review many of Gensler's rules and court enforcement actions, adopt a softer approach to cryptocurrencies, and pursue rule changes aimed at promoting capital formation.
Eric Pang, CEO of the Investment Company Institute, an investor lobbying group, said in a statement: “His strong track record, years of industry experience, and history with the SEC make him an excellent choice. He is a suitable candidate.”
“His leadership is essential to ensuring the strength, fairness, and integrity of our financial markets.”
Mr. Atkins is the Chief Executive Officer of Patomac Global Partners, a Washington-based strategy and risk management advisory firm he founded in 2009. The company's leaders, many of whom are former federal regulators, are well-connected and consult with banks, fintech companies and investment firms. others. Atkins' private clients include Deutsche Bank as a court-appointed monitor and the Chicago Options Exchange as an expert witness.
Atkins served as a member of Trump's transition team in 2016 and was also a candidate to lead the SEC, Reuters reported at the time. At the time, he was one of the prominent business executives on President Trump's brief advisory board.
The crypto industry, which poured money into the Trump campaign, is pushing for an industry-friendly SEC chairman to end Gensler's crackdown, and industry executives see him as a friendly nomination. .
He has been involved in crypto policy as co-chair of the Token Alliance, which works on “developing best practices for digital asset issuance and trading platforms,” and as a member of the broader blockchain industry association, the Chamber of Digital Commerce. . Advisory Committee.
“This is a strong, forward-leaning pick. We look forward to a new SEC administration focused on fostering responsible innovation,” said Ji, Chief Legal and Policy Officer at the Crypto Council for Innovation. Kim said in a statement.
Atkins has a long history with the SEC. In the early 1990s, he served on the staff of two former chairmen: Richard Breeden and Arthur Levitt. In 2002, Mr. Atkins was appointed SEC Commissioner by President George W. Bush and served in that capacity until 2008.
In the SEC, Mr Atkins said His “overarching philosophy” was based on the “free market system,” and in that role he opposed what he saw as counterproductive economic growth. hedge fund supervisioninternal audit management, stock trading A rule known as Reg NMS.
Atkins “was a strong advocate of transparency and investor protection” during his time at the SEC, Trump said in a social media post.
In line with the Trump administration's plans to challenge so-called “woke” capitalism, Mr. Atkins has criticized the aggressive actions of socially conscious corporate shareholders, which the SEC has in recent years These are issues addressed in other regulations regarding environmental, social and governance investments.
