Paul Atkins emerged as a candidate for SEC chairman
Former U.S. Securities and Exchange Commission Commissioner Paul Atkins has emerged as the front-runner to chair the agency under President Donald Trump's new administration.
Atkins is known for his creativity and expertise in crypto, and is said to be able to return the agency to the so-called “gold standard,” according to financial reporter Eleanor Terrett of The X Post.
Source: Eleanor Terrett
Atkins' potential appointment comes amid speculation that the Trump administration may transfer oversight of cryptocurrency regulation from the SEC to the Commodity Futures Trading Commission (CFTC), marking a major policy shift that could have a major impact on the crypto industry.
Atkins becoming SEC chairman after Gary Gensler steps down in January 2025 has implications that US crypto regulations could help promote innovation rather than stifle it.
Related: Potential SEC Chairman Gensler promises crypto-future approach after resignation
Should Atkins replace Gensler?
Atkins, who previously served as SEC commissioner under two chairs, Richard Braden and Arthur Levitt, is recognized for his balanced regulatory approach and deep understanding of securities law.
His leadership is expected to provide a more innovation-friendly environment for US crypto regulations, potentially reversing what critics say is compromise by the current SEC leadership.
Trump is reportedly considering a new White House post dedicated to crypto policy.
RELATED: SEC Nets $8.2B Fine, Australia Considers Crypto Tax Framework: Law Revised
The Trump administration's eye CFTC for crypto
Trump is reportedly considering moving regulation of cryptocurrencies and crypto exchanges from the SEC to the CFTC.
The move would shift responsibility for overseeing digital assets classified as commodities, such as bitcoin, to an agency known to be more pro-innovation.
Under the leadership of former CFTC Chairman Chris Giancarlo, who served during Trump's first administration, the agency approved Bitcoin (BTC) options in 2015. In 2017, he built a reputation as an innovative fan.
Related: Even if Trump Wins, Coin Center Warns U.S. Policies May Scare Crypto Investors
Gensler leaves the SEC legacy
Gensler's tenure as SEC chairman has been marked by an aggressive approach to “coercive regulation” aimed at stifling growth and innovation in the crypto industry.
Set to leave office on January 20, 2025, Gensler's departure appears to be a significant step away from his policies, which have been plagued by repeated lawsuits and limited practical guidance for crypto companies.
As Trump vowed to fire Gensler and replace him with a crypto-friendly SEC chief, 18 US states sued the regulator and its commissioners for “unfair persecution” of the crypto industry.
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