Cryptocurrency supporter John Deaton has endorsed Paul Atkins for the next Chair of the U.S. Securities and Exchange Commission (SEC). His endorsement comes as reports suggest President-elect Donald Trump is considering Atkins for the role. On the prediction platform Kalshi, Paul Atkins remains the favourite for the SEC Chair position, with him leading the odds at 72%.
Atkins, a former SEC commissioner, is widely recognized in the financial industry as one of the most cautious regulators. The appointment of a new SEC Chair to succeed the current chair, Gary Gensler, is expected soon. Although Trump is anticipated to make the final decision in the following days, no statement has been released.
Other SEC Chair Contenders
In addition to Atkins, other candidates reportedly under consideration include Mark Uyeda, a current SEC commissioner; Heath Tarbert, former chair of the Commodity Futures Trading Commission (CFTC); and Robert Stebbins, a partner at Willkie Farr & Gallagher LLP.
In an X post on Thursday, Deaton described Atkins as “light years ahead” of Gensler and praised his ability to bring reform to the SEC. Deaton has been particularly critical of the SEC’s aggressive stance on cryptocurrency regulation, accusing the agency of overreaching its authority. He also pointed out Gensler’s leadership impact on small businesses and startups, particularly in crypto.
The Urgency for SEC Reform
Deaton urges Trump’s team to appoint a chair who would take immediate action to address what he sees as widespread misconduct at the SEC. Deaton stated,
Whoever gets the job, I hope he/she immediately makes a statement expressing his/her intent of shaking things up at the SEC.
Deaton urged the incoming chair to terminate those accountable for the overreach during Gensler’s leadership. He believes that the SEC must be held accountable for its past actions, especially its treatment of emerging cryptocurrency-related industries.
Deaton compared the change required at the SEC to the measures taken by Elon Musk and Vivek Ramaswamy in the Department of Government Efficiency (DOGE). Advocates for Atkins believe that he will bring fairness to the SEC’s enforcement actions and use a more principled approach to regulation.
SEC Fines Texas Money Manager for Illicit Crypto InvestmentsThe transition team’s decision is still ongoing, and the SEC’s future under a new chair is expected to be critical for the future of traditional and innovative financial markets. Despite Atkins being the frontrunner, the result will most definitely set the tone for the SEC’s future for a number of years.
