- Former commissioner Paul Atkins is the top candidate to lead the SEC in Trump’s administration, according to Fox Business Eleanor Terrett.
- Atkins’ potential leadership could encourage innovation in US crypto regulations, differing from Gary Gensler’s enforcement-heavy stance.
- Trump’s administration may transfer crypto regulatory oversight from the SEC to the CFTC, viewed as more supportive of innovation and the crypto industry.
Paul Atkins, a former Securities and Exchange Commission (SEC) commissioner, is the leading candidate to chair the agency in President Donald Trump’s administration, according to Fox Business reporter Eleanor Terrett. Known for his pro-innovation stance and crypto expertise, Atkins supported regulatory frameworks that could spur technology and innovation.
Terrett said on X that Atkins is seen in the Republican party as someone capable of returning the agency to the so-called ‘gold standard’. The move comes as part of the continuing Trump administration conversation regarding transferring cryptocurrency regulatory authority from the SEC to the Commodity Futures Trading Commission (CFTC), institutionalising the regulatory environment for digital assets.
If Atkins succeeds Gary Gensler, who will leave his position as SEC chair in January 2025, his leadership may promote a more innovation-friendly stance on US crypto regulation, potentially encouraging sector growth.
Paul Atkins and Trump’s crypto plans
Former SEC commissioner and current Trump adviser Paul Atkins is getting attention for the role he may play in contributing to US regulation of cryptocurrency. Atkins is renowned for his balanced approach to regulating securities law and his leadership is likely to bring a more innovative approach to crypto oversight. The SEC leadership has been criticized for what critics call regulatory overreach and have called for reforms.
Donald Trump is reportedly considering a White House role dedicated to cryptocurrency policy. There are discussions about moving oversight of digital assets and crypto exchanges from the SEC to the CFTC.
This move would put the regulation of commodity-classified cryptocurrencies, such as Bitcoin, under the CFTC, an agency known for being more supportive of innovation. The CFTC, led by Chris Giancarlo during Trump’s first term, gained a reputation for backing blockchain innovations, notably approving Bitcoin options in 2017.
