U.S. President-elect Donald Trump has nominated veteran Washington attorney Paul Atkins to chair the Securities and Exchange Commission (SEC), a move that has been widely praised by the cryptocurrency industry. The nomination comes as Bitcoin surged past $100,000 for the first time, fueling hopes that Trump’s administration will implement deregulation measures to benefit the crypto sector.
Atkins, who served as an SEC commissioner from 2002 to 2008, founded the risk consultancy firm Patomak Global Partners in 2009. The firm counts companies in banking, trading, and cryptocurrency among its clients. Additionally, Atkins has been co-chairman of the Digital Chamber of Commerce since 2017, an organization that advocates for the use of digital assets.
Trump lauded Atkins in a statement, calling him a “proven leader for common sense regulations” and praising his commitment to fostering “robust, innovative” capital markets. Trump also emphasized Atkins’ recognition of the importance of digital assets in advancing America’s economic future.
The nomination came just as Bitcoin crossed the $100,000 threshold, signaling optimism in the cryptocurrency market that Trump’s administration will ease regulations on digital assets. During his campaign, Trump received substantial financial backing from cryptocurrency supporters, including some close to billionaire entrepreneur Elon Musk. Musk, reacting to Bitcoin’s milestone on X (formerly Twitter), simply wrote: “Wow.”
The crypto industry has long been eager for a change at the SEC, especially under outgoing chair Gary Gensler, who has been critical of the sector. Gensler famously referred to the cryptocurrency world as “the wild west” and launched lawsuits against major exchanges like Binance, Coinbase, and Kraken, as well as smaller firms. Additionally, Gensler supported contentious policies requiring publicly traded companies to disclose their exposure to climate change risks.
Kristin Smith, CEO of the Blockchain Association, expressed strong support for Atkins’ nomination, calling him an “excellent” choice. She criticized Gensler’s tenure, describing it as a “non-stop anti-crypto crusade” that stifled innovation and resulted in significant economic losses.
However, not everyone is in favor of Atkins’ appointment. Senator Elizabeth Warren, the incoming top Democrat on the Senate Banking Committee, voiced concerns about his record, pointing to his opposition to fines against major corporations for wrongdoing during the last financial crisis.
In addition to the SEC nomination, Trump has been making other key appointments. On Wednesday, he announced former congressman Billy Long as his pick for commissioner of the Internal Revenue Service (IRS), a position that would require him to oust the current commissioner, Danny Werfel, who was appointed by President Biden. Trump also named former Senator Kelly Loeffler to lead the Small Business Administration and co-chair his inauguration committee.
