Former SEC Commissioner Paul Atkins has surfaced as a top contender to succeed Gary Gensler as chair of the U.S. Securities and Exchange Commission (SEC).
What Happened: With his reputation for regulatory pragmatism and extensive experience, Atkins is seen as a potential game-changer for the financial services industry, particularly for the crypto sector.
Atkins, founder and CEO of Patomak Global Partners, a consulting firm specializing in risk management and regulatory compliance, is reportedly hesitant to accept the role.
A source close to Atkins told Coindesk that his reluctance stems from the significant effort required to reform what he sees as a bloated and mismanaged agency under Gensler's tenure.
His reluctance aligns with sentiments expressed by former Commodity Futures Trading Commission (CFTC) Chair Chris Giancarlo, who has publicly advocated for Atkins but previously declined to pursue the position himself.
"His breadth of experience, proven leadership, as well as commitment to innovation should bring a balanced and forward-thinking culture back to the Commission," said George Georgiades, General Counsel at Borderless.xyz, speaking to Benzinga.
"We look forward to engaging with him to collaboratively develop a clear and effective regulatory framework that supports innovation."
Atkins was recently seen at Trump's Mar-a-Lago resort, where sources suggest he participated in interviews for the role over the weekend.
His past tenure as an SEC commissioner from 2002 to 2008, under President George W. Bush, and his subsequent work at Patomak have cemented his standing within conservative financial circles.
During his time at the SEC, he worked closely with Mark Uyeda and Hester Peirce, who now serve as commissioners and are also being considered for the role.
Atkins' potential appointment comes at a critical juncture for the SEC. Under Gensler, the agency faced criticism for its enforcement-heavy approach to cryptocurrency regulation, creating uncertainty in a rapidly evolving market.
Industry leaders are hopeful that Atkins' leadership could foster a more collaborative regulatory environment.
Paul Atkins is a conservative, a former SEC commissioner and proponent for regulatory clarity in crypto, Joe McCann, founder and CEO of Asymmetric told Benzinga.
He further highlighted that Atkins was the first Libertarian to ever serve in the SEC which very much aligns with most Bitcoin and crypto proponents. Atkins appointment will bring “common sense” to crypto regulations but actually providing it, something the industry has been asking the SEC of for years now, McCann said.
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What’s Next: Atkins' decision to accept the role may hinge on his ability to ensure the continuity of his consulting firm.
Sources suggest he would only step away from Patomak once it is well-positioned to operate without his direct involvement.
Atkins' connections within conservative circles also add weight to his candidacy.
He is reportedly on friendly terms with Scott Bessent, founder of Key Square Group and President-elect Donald Trump's pick for Treasury Secretary.
These relationships could enhance coordination across financial policy initiatives under the new administration.
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