Trump Taps Crypto Advocate Paul Atkins for SEC Chair

On Wednesday, President-elect Donald Trump picked businessman Paul Atkins, an advocate for cryptocurrency, to lead the U.S. Securities and Exchange Commission (SEC).

The SEC's job is to protect investors, maintain fair markets and facilitate capital formation. If confirmed by the Senate, Atkins would replace Chairman Gary Gensler, who led a crackdown on cryptocurrencies, calling the market "the Wild West."

Donald Trump's Announcement

Trump announced his plans to nominate Atkins for SEC chair in a post on his social media platform, Truth Social, calling him "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, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before," Trump said of Atkins on Wednesday.

President-elect Donald Trump attends a viewing of the launch of the sixth test flight of the SpaceX Starship rocket on November 19, 2024, in Brownsville, Texas. Inset, then-Securities and Exchange Commission (SEC) member Paul Atkins... Brandon Bell/ Mark Wilson/Getty Images

Who Is Paul Atkins?

Atkins is the CEO and founder of Patomak Global Partners, a strategy, risk management and compliance consultancy.

He served as an SEC commissioner from 2002 to 2008 after then-President George W. Bush appointed him. During his time as an SEC commissioner, he "strongly advocated for transparency & protecting investors," Trump said in his Wednesday post.

Newsweek reached out to Patomak Global Partners via email for comment from Atkins Wednesday afternoon.

What Are Paul Atkins' Ties to Cryptocurrency?

Atkins is co-chair of the Token Alliance, an initiative of The Digital Chamber (TDC), formally the Chamber of Digital Commerce. TDC is a lobbying group that advocates for the emerging digital assets and blockchain industry.

According to TDC, the Token Alliance "serves as the leading policy voice for tokenized networks, apps, and issuers. We champion the power of tokens to revolutionize asset digitization and transfer, ensuring it's secure, transparent, and efficient."

Atkins has been with TDC since at least March 2020, when the chamber announced that he joined its board of advisors.

"Paul Atkins brings his tremendous expertise in regulatory issues and financial services to the Chamber at a time when it is needed most," Perianne Boring, Founder and CEO of TDC, said in the release.

Trump tapping Atkins to lead the SEC is no surprise, given Trump's warming to the crypto industry.

During his election campaign—endorsed and funded, in part, by some billionaires with ties to the crypto industry—Trump told attendees of a Bitcoin conference in Nashville, Tennesse, in July that he wants the U.S. to be a "Bitcoin superpower."

After the November 5 election, Bitcoin, the most famous digital currency, soared over 40 percent in two weeks, reaching above $99,000 for the first time on November 22.

This article includes reporting from The Associated Press.