President-elect Donald Trump has named Paul Atkins, a seasoned pro-business conservative, to lead the Securities and Exchange Commission (SEC). Atkins, who served as an SEC commissioner under President George W. Bush, is known for advocating lighter regulatory oversight and promoting innovation in the financial sector, particularly in cryptocurrencies. His appointment signals a shift from the aggressive regulatory stance of outgoing SEC Chair Gary Gensler.

Advocate for Looser Crypto Regulations

Atkins, 66, has been vocal about easing regulations on crypto assets. He co-chairs the Token Alliance within the Digital Chamber of Commerce, which promotes best practices for crypto trading platforms. Additionally, his consulting firm, Patomak Global Partners, advises financial institutions on compliance, including crypto-related matters. Crypto industry leaders have welcomed his appointment, calling it a victory for technological innovation.

Rolling Back Gensler’s Legacy

Under Gensler, the SEC pursued a stringent regulatory approach, treating most crypto assets as securities. High-profile lawsuits, such as the ongoing case against Coinbase, exemplified this stance. Atkins is expected to steer the SEC towards a more crypto-friendly position, potentially dismissing or settling such cases. The Trump administration also plans to push legislation reducing the SEC’s jurisdiction over digital assets.

Industry Applauds Pro-Bitcoin Leadership

The crypto sector has hailed Atkins’ appointment. Advocates like Chris Giancarlo, a former government regulator, view him as a champion of digital finance. Industry executives predict a “dramatic change” in the SEC’s approach, with a focus on fostering innovation rather than enforcement.

As Atkins prepares to take charge, his policies are likely to reshape the SEC’s role in regulating Wall Street and digital finance, marking a new chapter for the crypto industry.