New SEC Chair Appointed by Donald Trump

Key Points:

• President Donald Trump has nominated financial expert Paul Atkins, known for advocating lighter regulations, as the new SEC Chair.
• Atkins supports blockchain innovation and has criticized excessive regulations like the Dodd-Frank Act.

President Donald Trump has nominated Paul Atkins to head the U.S. Securities and Exchange Commission.

Read more: Gary Gensler Resignation Likely Before Trump’s Inauguration

Trump Names Paul Atkins as New SEC Chairman

Paul Atkins, a veteran of financial issues and the CEO of Patomak Global Partners, has consistently supported lighter regulatory frameworks and the advancement of technology.

Trump praises the new SEC Chair in his statement as a “proven leader” with a vision of “common sense regulations” to make the US capital markets dynamic and responsive to investor needs. He emphasized that Atkins recognized the importance of digital assets and innovations such as blockchain and cryptocurrencies being vital for economic growth.

Atkins, a commissioner with the SEC from 2002 to 2008 during the regime of President George W. Bush, has been vocal about criticizing heavy-handed regulations. He also criticized the Dodd-Frank Act for being overbearing to the banking industry. On cryptocurrencies, his stance is quite progressive, against their treatment as typical securities. He believes Bitcoin and blockchain will change the world.

Market Expects Shift in Regulations with New Helmsman

In the event that the nomination is validated, an assignment for himself as the new SEC Chair would be to replace Gary Gensler, the current one, who has become all too controversial in the world formed around the Department of Trade and Crypto because of his very strict regulations. It could probably entail the SEC loosening the reins into its $3.5 trillion crypto market as a general deregulation measure in Trump’s administration.

The nomination was inspired after an electoral Trump win on November 5, when markets were trading strongly in light of the bludgeon that digital assets had taken. The appointment would, most likely, be the decisive turning point in terms of appointment for Chairperson of the US Securities and Exchange Commission.