Donald Trump Picks Pro-Crypto Paul Atkins to Replace Gary Gensler as SEC Chair
After several days of anticipation, President-elect Donald Trump finally announced his ideal candidate to replace Gary Gensler as the Chair of the US Securities and Exchange Commission (SEC).
In a Wednesday announcement, Trump said he had picked pro-crypto Paul Atkins as the next SEC Chair. Atkins, who served as a Commissioner at the agency between 2002 and 2008, currently works at his risk management consultancy company Patomak Global Partners.
His nomination is one of Trump’s crypto promises made during this year’s Bitcoin conference in Tennessee. The President-elect told the attendees that he would fire Gensler immediately after he was sworn in.
Gensler vs. Crypto Players
The incumbent SEC Chair has been unpopular within the crypto walls due to what many term an ‘unfair approach’ to the industry. In the past four years, Gensler has filed over 100 lawsuits against crypto players, a move that cost targeted companies more than $420 million in legal fees.
Despite constant calls for clear crypto rules, the Gensler-led SEC has gone after US-based crypto firms, including Binance.US, Kraken, and Coinbase, accusing them of offering unregistered securities. Some of the companies have had to pay millions of dollars to settle charges against them.
However, Chief Legal Officer at Pantera, Katrina Paglia, says SEC’s enforcement actions against crypto companies would likely ‘go away’ when Atkins takes over from Gensler, who will step down on Trump’s inauguration day scheduled for January 20.
Will the New SEC Leadership Approve Solana ETFs?
Atkins’ nomination has boosted the chances of Solana exchange-traded funds (ETFs) being approved, according to analysts.
When Gensler announced his imminent resignation last month, several asset managers, including VanEck, Bitwise, Canary Capital, and 21Shares, submitted applications for a Solana spot ETF to the SEC. Bloomberg ETF expert Eric Blachunas now says this new investment vehicle, which will track the price of SOL, could receive approval before the end of 2025.
Markets React to Atkins’ Nomination
Trump’s decision to pick a pro-crypto candidate to lead the SEC has been welcomed by crypto players based on the latest market performance. Bitcoin’s price has crossed $100,000, reaching $103,176 as of this writing. Ethereum, on the other hand, is valued at $3,919 after a 24-hour rally of 5.4%.
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