President-elect Trump has nominated former Securities and Exchange Commissioner Paul Atkins to replace Chairman Gary Gensler, who will retire on Inauguration Day.
“Paul has proven to be a common-sense regulatory leader. We believe in the promise of the capital markets,” he said in a post on Truth Social on Wednesday.
The nomination ends weeks of speculation about who will lead the independent agency after Gensler announced last month that he would step down from his post after Trump took office.
“He also recognizes that digital assets and other innovations are critical to making America greater than ever,” the president-elect added.
Atkins' nod to support cryptocurrencies is the latest sign that the incoming Trump administration is expected to be far friendlier to the crypto industry than Gensler, who has taken a more hardline approach. .
Trump was widely expected to choose a more crypto-friendly candidate after fully embracing the industry during his campaign. Despite previously dismissing cryptocurrencies as a “scam,” he vowed to make the United States the “crypto capital of the planet.”
Atkins, CEO and founder of financial services consultancy Patomac Global Partners, currently co-chairs the digital chamber Token Alliance.
The cryptocurrency industry celebrated his appointment on Wednesday. Blockchain Association CEO Christine Smith praised Atkins, calling him an “excellent choice.”
“The past four years under Chairman Gensler have been a relentless anti-crypto movement that has stalled innovation and caused untold job, talent and economic losses,” Smith said in a statement.
“Paul Atkins brings a new perspective based on his deep understanding of the digital asset ecosystem,” she continued. “We look forward to working with him in his role as SEC Chairman and together leading a new wave of cryptocurrency innovation in the United States.”
Outgoing House Financial Services Chairman Patrick McHenry, RN.C., similarly highlighted the digital asset industry in celebrating Atkins' selection.
“Paul Atkins has the expertise and experience needed to restore confidence in the SEC,” McHenry wrote in a post on X. “We are confident that his leadership will lead to transparency in the digital asset ecosystem and ensure that U.S. capital markets continue to be the envy of the SEC.”World. “
Bitcoin soared following President Trump's victory last month on hopes that the incoming president's administration will be more favorable to the industry. The price of one Bitcoin currently sits at just under $96,000, but has been above $100,000 in recent weeks.
Updated at 1:39 p.m.
