Donald Trump has nominated Paul Atkins, a well-known supporter of cryptocurrencies, for the position of chairman of the U.S. Securities and Exchange Commission (SEC). This was reported by the Financial Times.
The appointment has been met with a positive reaction from the financial sector, which is hopeful for a relaxation of regulations on digital assets under the new Republican administration.
“Paul is a proven leader who supports sensible regulation,” Trump stated. He also emphasized that Atkins recognizes that “digital assets and other innovations are key to making America even greater.”
The current SEC chair, Gary Gensler, is known for his tough stance on crypto companies. He has repeatedly referred to the industry as the “wild west” and has filed lawsuits against major market players, including Binance. Gensler has refused to develop specific rules for cryptocurrencies, arguing that existing legislation is sufficient for their regulation.
Atkins's nomination is seen as a potential shift in the direction of the Securities and Exchange Commission. Atkins, who served as an SEC commissioner from 2002 to 2008, has criticized the fragmentation of the American regulatory system. He believes that the Commission should support legitimate initiatives in the crypto space, aiding the markets.
“If innovations reduce costs for investors and help attract capital, that is the goal of financial markets,” Atkins stated in one of the podcasts.
The crypto community has reacted positively to his nomination.
“The last four years under Gensler have been an outright anti-cryptocurrency campaign,” said Blockchain Association CEO Kristin Smith. “Paul Atkins will offer a new perspective based on a deep understanding of digital assets.”
Trump has also nominated Gail Slater to lead the antitrust division of the Department of Justice. Slater intends to continue a tough stance on large tech companies, reflecting a policy aimed at curtailing their dominance.
Gary Gensler will leave his position on January 20, 2025, at the end of President Joe Biden's term. The nominations of Atkins and Slater must be approved by the U.S. Senate.
Earlier, Spot reported that Elon Musk will head the new Department of Government Efficiency in the U.S.