President Trump Nominates Cryptocurrency Advocate For SEC Chair

By Anthony • December 5, 2024 4:04 pm • Comments

On Wednesday, President Trump nominated cryptocurrency advocate Paul Atkins to chair the SEC.

In a post on Truth Social, Trump said Atkins, a former SEC commissioner, is a “proven leader for common-sense regulations.”

He added, “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.”

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“He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” concluded Trump.

Take a look:

Here’s what CBS News reported:

President-elect Donald Trump announced Wednesday that he intends to nominate cryptocurrency advocate Paul Atkins to chair the Securities and Exchange Commission.

Trump said Atkins, the CEO of Patomak Partners and a former SEC commissioner, was a “proven leader for common sense regulations.” In the years since leaving the SEC, Atkins has made the case against too much market regulation.

“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 wrote on Truth Social.

The commission oversees U.S. securities markets and investments and is currently led by Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry. Gensler, who was nominated by President Joe Biden, announced last month that he would be stepping down from his post on the day that Trump is inaugurated — Jan. 20, 2025.

Trump, once a crypto skeptic, had pledged to make the U.S. “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. Money has poured into crypto assets since he won. Bitcoin, the largest cryptocurrency, is now above $95,000. And shares in crypto platform Coinbase have surged more than 70% since the election.

Per NPR:

President-elect Donald Trump said he has picked former Securities and Exchange Commissioner Paul Atkins to head the agency, according to a post he made on Truth Social on Wednesday.

Atkins served as an SEC commissioner from 2002 to 2008 and is known for his pro-business stance. He’s now the CEO of consulting firm Patomak Global Partners, which has clients across the financial and cryptocurrency industries.

Atkins is also known as a strong backer of cryptocurrencies, and could help shape key regulations for an industry Trump has avidly courted, should he be confirmed by the Senate.

“Paul is a proven leader for common sense regulations,” Trump said in his Truth Social post. “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.”

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