Paul Atkins to Replace Gary Gensler as Next SEC Chair?

Paul Atkins, a former U.S. Securities and Exchange Commission (SEC) commissioner, has emerged as the leading pick to head the SEC in President-elect Donald Trump’s upcoming administration.

According to financial reporter Eleanor Terrett, Atkins is seen as someone who could restore the SEC to its “gold standard,” while bringing clarity and balance to its regulatory approach.

Atkins previously served under chairs Richard Breeden and Arthur Levitt, and is known for his fair and clear approach to securities law. His supporters believe he’s the right fit to lead the agency.

Sources close to the proceedings at Trump’s Mar-a-Lago estate told Fox Business that Trump’s team has been asking industry leaders and legal experts for input on potential SEC chair candidates.

However, Atkins’ potential appointment comes at a time when some are pushing for a big change of shifting the oversight of crypto from the SEC to the Commodity Futures Trading Commission (CFTC). The CFTC has been making positive headlines for years now. The agency approved Bitcoin Option in 2017 which was a big step forward for the crypto space.

Meanwhile, Gary Gensler, the current SEC chair, will be stepping down in January 2025. His time at the SEC has been nothing but controversial, especially with the crypto community. The space condemned his aggressive approach to regulation, saying its too hard and has helb back the growth of the industry. His departure could open the door for a new approach under Atkins.

Besides Atkins, another candidate for the job is Brian Brooks, the former Acting U.S. Comptroller of the Currency. Both Atkins and Brooks are strong contenders, but Atkins is currently considered the favorite