Paul Atkins to Lead SEC: A New Era for Crypto Regulation

President-elect Donald Trump has picked Paul Atkins as the new SEC chair. Atkins will replace Gary Gensler, the current chairman, who will resign on 20 January 2025, the same day as the inauguration of the new president, Donald Trump. This move is expected to significantly affect the further development of cryptocurrency regulation in the United States.  

Atkins’ Pro-Crypto Stance

On Wednesday’s post on the Truth Social platform, Trump congratulated Atkins for being the leader who will provide ‘common sense’ rules. Trump also pointed out that Atkins is aware of the potential of digital assets and is personally interested in innovation and technology, which can only benefit the American economy. This particular nomination is considered to be a victory for the crypto industry. Atkins is favorable to crypto, which means that his appointment is a sign of improvement in laws related to digital assets. 

Atkins has also worked as an advisor to the Reserve Rights (RSR) project and addressed the Cardano Summit. His knowledge of the crypto space is considered valuable, and he has taken on this new position. Atkins is expected to help the SEC develop a new perception of digital assets.

The nomination has been announced after weeks of rumors. However, Dan Gallagher stepped out of the race, thus opening the way for Atkins to join. Many in the cryptocurrency community have expressed their approval of the nomination, for instance, attorney John Deaton, who supports Ripple’s XRP.

Atkins’ SEC Experience

Atkins served as a commissioner from 2002 to 2008 under President George W. Bush’s administration. While at the SEC, Atkins hired the current commissioners, Hester Peirce and Mark Uyeda, as counsels to his office. 

This could help them structure themselves better and at least build a more favorable environment for cryptocurrencies and blockchain. Peirce and Uyeda have also pointed out that the SEC faces the problem of overregulation. As the new chair of the SEC, Atkins can advocate for changes that promote innovation and protect investors.