Industry gets its man
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The crypto community celebrated news of President-elect Trump's pick for SEC chair by driving the price of bitcoin the last few yards to break $100k.
Why it matters: Paul Atkins' nomination to lead the agency all but promises a total reversal of the debilitating hostility that's grown between the industry and the country's top financial regulator.
The big picture: Atkins' nomination can be viewed as half of Trump's promise to the crypto industry for a friendlier SEC.
- Current chair Gary Gensler, who Trump threatened to "fire" in July, has already said he'll step down on Inauguration Day. Gensler's tenure leading the SEC since 2021 has been combative, marked by controversial rulemaking and an aggressive enforcement approach with the crypto industry.
- Atkins, by contrast — based on his record and recent comments — could easily be described as the anti-Gensler.
Zoom in: The veteran financial regulator is already a favorite of the crypto community.
- He has criticized the current SEC for its approach, saying it has not been straightforward in its dealings with the industry, and that the agency should be more accommodating to promote more development within the U.S.
- Since 2017 he has co-chaired the Digital Chamber's Token Alliance, a cryptocurrency advocacy organization, where he's argued for clearer regulation that doesn't stifle innovation.
He's not an outsider. Atkins served as an SEC commissioner from 2002 to 2008 under President George W. Bush. (There are five commissioners, including the chair, who heads the agency.)
- During his tenure and since, he's built a reputation as a pro-business conservative and has advocated for lighter regulation.
- A year after leaving the SEC 16 years ago, he founded a consultancy, Patomak Global Partners, described by Bloomberg as "one of the most prominent sounding boards for banks, trading firms, fintechs ... seeking guidance on how to influence and respond to Washington's edicts and investigations."
What they're saying: "Paul is a proven leader for common sense regulations," Trump said in a Truth Social post. "He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World."
- Paul Grewal, chief legal officer for Coinbase, said on X, "Congratulations to Mr. Atkins. We appreciate his commitment to balance in regulating US securities markets and look forward to his fresh leadership at @SECGov. It's sorely needed and cannot come a day too soon."
The other side: U.S. Sen. Elizabeth Warren (D-Mass.), a vocal critic of the threats posed by cryptocurrencies, said, "I'm concerned about putting at the helm of the SEC a Wall Street lobbyist whose main contribution during the last financial crisis was to protest fines against the giant corporations that defrauded investors."
What's next: Atkins' nomination will need Senate confirmation.
