After taking office, Atkins is expected to focus on reducing regulations and easing penalties for violations. He is currently the CEO of the consulting firm Patomak Global Partners. The institution states that since 2017, Atkins has been 'dedicated to developing best practices for digital asset issuance and trading platforms as the co-chair of the Token Alliance, an advocacy group in the crypto industry.' Trump stated that Atkins realizes that digital assets and other innovations are crucial for making the USA greater than ever before.
Trump nominated a former official from the U.S. Securities and Exchange Commission (SEC) who is friendly towards cryptocurrencies to lead this regulatory agency, causing Bitcoin to quickly rise during intraday trading.
On Wednesday, December 4th, Eastern Time, Trump announced the nomination of Paul Atkins, a former SEC commissioner during the Bush administration, as the next SEC chairman. Following the announcement of the nomination, Bitcoin surged in early Wednesday afternoon trading, refreshing the daily low.
CoinMarketCap data from various cryptocurrency exchanges show that after Trump's nomination announcement, Bitcoin stabilized above $0.095 million and climbed back above $0.0957 million, rebounding over $1,000 from the intraday low set below $0.0947 million during midday trading, erasing the recent 24-hour decline and slightly rising within the last 24 hours.
If Trump's nomination is confirmed, Atkins will take over as the SEC chairman after Trump assumes office, succeeding the current SEC chairman Gary Gensler. Gensler stated last month that he plans to step down on January 20th, the day of Trump's inauguration.
Gensler's departure is seen as bullish by the cryptocurrency industry because during his tenure as SEC chairman since 2021, he implemented aggressive reform measures, focusing on requiring companies to disclose climate risks, reforming stock trading rules, and cracking down on violations in the cryptocurrency sector. He took a tough stance against the chaos in the cryptocurrency industry.
Gensler's ambitious reform actions have sparked strong opposition from Wall Street and the cryptocurrency industry. Cryptocurrency industry professionals believe that Gensler did not provide a way that truly aligns with the characteristics of cryptocurrencies, allowing them to develop reasonably within the existing regulatory framework based on traditional financial architecture established decades ago.
Atkins served as an SEC commissioner from 2002 to 2008, previously a frontrunner for SEC chairman, and currently the CEO of the strategic and risk management consultancy firm Patomak Global Partners, which is seen as bullish by the crypto industry.
According to the personal resume on the Patomak Global Partners official website, since 2017, Atkins has been dedicated to developing best practices for digital asset issuance and trading platforms as the co-chair of the Token Alliance, an advocacy group in the crypto industry.
Atkins previously served as an advisor to the decentralized finance platform Reserve Rights Foundation, which issued the RSR token. Nevin Freeman, co-founder and CEO of Reserve, stated that Atkins provided guidance in the early stages of the Reserve project. Freeman expressed hope that if Atkins is appointed as SEC chairman, he would bring a fair approach to rulemaking.
In addition to his support for cryptos, Atkins has criticized some of the financial reforms implemented by the U.S. government following the 2008 global financial crisis. For example, he has criticized the Dodd-Frank Act for imposing excessive burdens on the banking industry.
In a statement announcing the nomination on Wednesday, Trump referred to Atkins as a recognized regulatory leader.
"He believes that strong, innovative capital markets can meet the needs of investors and provide the capital to make our economy the best in the world. He also recognizes that digital assets and other innovations are crucial to making America greater than ever before."
Commentary suggests that if confirmed, it is expected that Atkins will focus on reducing regulations and easing penalties for violations. Tyler Gellasch, chairman of the financial institutions industry organization Healthy Markets Association, remarked that Atkins is the patriarch of a conservative capital markets ideology and a mentor to a generation of policymakers, with unparalleled connections and leadership ability to streamline SEC regulation.