Trump nominates former SEC commissioner Paul Atkins for SEC chair

Dec. 4 (UPI) -- President-elect Donald Trump has nominated former Securities and Exchange Commissioner Paul Atkins to replace current SEC Chairman Gary Gensler after he leaves the position on Jan. 20.

"Paul is a proven leader for common-sense regulations," Trump said Wednesday in a post on Truth Social. "He believes in the promise of robust, innovative capital markets that are responsive to the needs of investor and that provide capital to make our economy the best in the world."

Atkins is the chief executive officer and founder of the risk management consultancy firm Patomak Global Partners and has co-chaired the Digital Chamber's Token Alliance since 2017, Trump said.

Atkins also has worked on and studied the digital assets industry and while a SEC commissioner from 2002 to 2008 advocated for transparency the protecting investors.

He has a law degree from Vanderbilt University, a wife, Sarah, and three sons.

If confirmed by the Senate, Atkins would lead the SEC into what many expect will be an era of deregulation while also determining regulatory policy for the $3 trillion cryptocurrency market, artificial intelligence and the ability for publicly traded companies to raise capital.

Many analysts view Atkins' nomination as SEC chairman as a signal that Trump intends to seat a crypto-friendly Cabinet that would make it easier for cryptocurrencies to raise capital in the nation's stock markets.

Blockchain Association Chief Executive Officer Kristin Smith called Trump's nomination of Atkins an "excellent choice."

"The past four years under Chair Gensler was anon-stop anti-crypto crusade leading to an innovation stalemate and incalculable job, talent and economic losses," Smith said in a statement to The Hill.

"Atkins will offer a new perspective anchored by a deep understanding of the digital asset ecosystem," Smith said. "We look forward to working with him in his role as SEC chair and ushering in ... a new wave of American crypto innovation."

Atkins also has criticized the 2008 Dodd-Frank financial regulations as burdening the nation's banking industry.