President-elect Donald Trump nominated Paul Atkins as the chair of the Securities and Exchange Commission (SEC).
Atkins, a well-known deregulation advocate, is the founder and CEO of risk consulting firm Patomak Global Partners and has previously served as an SEC commissioner.
Current SEC Chair Gary Gensler has stated he will step down in January when President Joe Biden’s term ends, under Trump’s threats of dismissal.
If the Senate confirms, Atkins will reverse many of Gensler’s policies as the new SEC head.
While Gensler sought to tighten regulations on Wall Street firms after the financial crisis, Atkins is likely to pursue deregulation in line with Trump’s agenda.
He is also expected to reduce the hefty penalties that became a hallmark of Gensler’s SEC.
According to Barron’s, Atkins was a Republican SEC commissioner from 2002 to 2008. During his tenure, he criticized companies for paying large fines to settle SEC lawsuits, arguing that such penalties ultimately harm shareholders’ interests.
Atkins is also known for his pro-cryptocurrency stance.
He opposes Gensler’s SEC classification of cryptocurrencies as securities and is expected to implement Trump’s promise to limit SEC interference in the crypto market.
Following the news of Atkins’ nomination, cryptocurrency prices surged.
Bitcoin rose by $1,913.16 (2.00%) to $97,764.19, while Ethereum jumped $238.53 (6.61%) to $3,845.23.
Cryptocurrency exchange Coinbase saw a 7% increase due to deregulation expectations and the surge in crypto prices, closing at $330.94, up $21.59 (6.98%).
