Donald Trump Nominates Paul Atkins as SEC Chairman

U.S. President-elect Donald Trump has tapped long-time crypto supporter Paul Atkins to lead the Securities and Exchange Commission.

"I am delighted to announce the nomination of Paul Atkins to be the next Chairman of the Securities and Exchange Commission," Trump wrote in a Wednesday afternoon Truth Social post.

"Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, and that provide capital to make our economy the best in the world," Trump added. "He also recognizes that digital assets and other innovations are crucial to Making America Greater than Ever Before."

Atkins founded the consulting firm Patomak Global Partners in 2009. The firm has clients including banks, crypto exchanges, and DeFi platforms, according to its website. Atkins was previously appointed by former President George W. Bush as an SEC commissioner from 2002 to 2008. Atkins also joined The Digital Chamber's board of advisers in 2020.

Patomak did not immediately respond to a request for comment. Next, Atkins will need to be confirmed by the Senate.

SEC Chair Gary Gensler has led the agency since 2021 and previously announced plans to step down on Jan. 20, 2025, the day of Trump's inauguration.

Republican lawmakers and crypto executives cheered the news.

Majority Whip Tom Emmer mentioned the SEC's approach of "regulation by enforcement," a term referencing the agency's use of lawsuits instead of writing rules for the crypto industry.

"Paul Atkins has extensive public and private sector experience and understands that 'regulation by enforcement' is a losing strategy that has crippled American innovation," Emmer said in a post on X. "I look forward to working with him and @realDonaldTrump as we usher in a new era of American innovation."

House Financial Services Committee Chair Patrick McHenry said Atkins' leadership will "lead to clarity for the digital asset ecosystem," in a post on X on Wednesday.

Coinbase Chief Legal Officer Paul Grewal said he is looking forward to Atkins' new leadership.

"We appreciate his commitment to balance in regulating US securities markets and look forward to his fresh leadership at @SECGov," Grewal said on X following the news. "It's sorely needed and cannot come a day too soon."

Patrick Gerhart, president of banking operations for Telcoin pointed to a change in attitude toward digital assets among lawmakers.

“What Trump’s pick of Atkins as the new SEC chair shows is that the new administration is looking at choosing not only proponents of crypto but are knowledgeable on digital assets as well,” Gerhart said in an emailed statement to The Block.

Unchained reported on Tuesday that Trump had reached out to Atkins and was waiting for him to accept, citing a source familiar with the discussions. Later, CoinDesk reported Atkins was hesitant to leave his firm for the role, citing a person familiar.

Other contenders for the SEC chair role included Robinhood executive Dan Gallagher, partner at Willkie Farr & Gallagher Robert Stebbins, and Teresa Goody Guillén, partner at BakerHostetler law firm and former litigation counsel for the SEC. Gallagher said on Nov. 22 that he did not want the role.

Update: Dec. 4, 6:40 p.m. UTC to include reactions to the news