KEY POINTS
- Atkins is an advisor of the Chamber of Digital Commerce, the world's largest blockchain trade group
- Crypto lawyer John Deaton believes Atkins is a 'solid choice' for the position
- Whoever succeeds the SEC chairmanship may take some of the heat that Gensler has left behind
Former U.S. Securities and Exchange Commission (SEC) Commissioner Paul Atkins is reportedly being eyed by the Donald Trump administration to succeed outgoing Chair Gary Gensler.
Several names have emerged in the cryptocurrency space that could be potential replacements for Gensler who is leaving during the inauguration, but Atkins's entry in the discussions may have a significant impact on Bitcoin and the broader crypto market.
Who is Paul Atkins?
Bloomberg reported Wednesday that Trump's transition team has interviewed Atkins as a candidate for the SEC's highest post.
Atkins is a veteran of the financial regulatory scene, but he is known across the industry as someone whose views favor innovation and technological convergence.
In 2020, he was added to the Chamber of Digital Commerce's advisory board. The Chamber is the world's first and largest blockchain trade association, which is a good signal when assessing the views of an SEC Chair contender.
The crypto community has been very vocal about who they think should replace Gensler, who has become a nemesis of the sector due to his leadership that led the SEC toward an enforcement-first regulator.
What Crypto Users Think of Atkins
For prominent crypto lawyer and XRP holders' champion John Deaton, Atkins "is a solid choice, no doubt." Deaton, who attempted to unseat Democratic Sen. Elizabeth Warren during the elections, said he would like to see a new Chair who is "offended at what the SEC has become."
"It can't get any better than this," said Tolou Capital Management Founder Spencer Hakimian, but web developer Kamil Khan said that while Atkins is an "interesting choice" for Gensler's replacement, the big question is if he "can handle the regulatory heat."
Prominent Web3 KOL manager Emily noted that if Atkins is indeed selected for the SEC chairmanship, "it could be a big deal for the industry," given his pro-innovation views.
On the other hand, Khan has a point, considering how the SEC has lost the trust of crypto users after the industry crackdown initiated by the Gensler.
It may take some time before amicable relations are restored, especially with multiple ongoing lawsuits and other enforcement actions Gensler will leave behind for his successor to wrap up.
For an industry that suffered intense scrutiny from the Wall Street regulator in recent years, a new SEC leader will be a breath of fresh air, but it could also be the beginning of a long journey toward rebuilding trust while working around policies that balance both consumer protection and innovation.
