Crypto enthusiasts believe President Trump will overhaul US financial regulation with a crypto-friendly SEC chair appointee. Paul Atkins, a former SEC Commissioner who is favorable to crypto and blockchain, has reportedly made Trump’s shortlist to replace outgoing Gensler.
Prior to Trump’s inauguration in January, Gensler, who oversaw harsh actions against the industry, stepped down. Atkins has sided with the pro-crypto attitude but does not want to take on the position of SEC chair.
Paul Atkins reluctant to take SEC role
According to the reports, insiders say Trump’s team contacted Atkins for the chair position, but he is unlikely to accept. Several insiders said the effort to undo what some regard as Gensler’s “bloated” agency has made this position unappealing. Former CFTC chair Chris Giancarlo, another candidate previously considered for the SEC post, has also expressed this sentiment.
Atkins remains an undecided figure that has left most in the crypto community waiting for him to make his choice, while other potential candidates come to light.
Potential candidates in the mix
Former Commodity Futures Trading Commission (CFTC) chair Chris Giancarlo is another candidate formally considered to take the SEC role and expressed similar GI Joe sentiments. Because other potential candidates are emerging, Atkins’s hesitation is holding up the crypto industry’s wait to find out his definitive choice.
Trump’s bag of bosses both have a reputation for being crypto-savvy professionals, suggesting the President’s new direction regarding a more blockchain-friendly SEC. But intending to run was also Gallagher, Robinhood Market’s chief legal officer, who stepped out of the race last month.
Legal experts say Trump is more likely to choose from a new batch of leadership, though people have floated current SEC Commissioners Hester Peirce and Mark Uyeda as possible candidates.
Trump’s broader crypto strategy
The incoming administration’s efforts extend beyond the SEC chair appointment. Trump’s team has reportedly explored the creation of a “crypto czar” to lead digital asset policy.
This move would complement a pro-crypto agenda and offer clearer regulatory guidance for blockchain innovation. Despite the uncertainty surrounding Atkins’ decision, the industry remains optimistic that a blockchain-focused appointee will take charge at the SEC. With Trump set to assume office next month, the crypto sector is closely watching these developments.
