Trump picks crypto backer Paul Atkins to lead Securities and Exchange Commission; Bitcoin hits $100,000 for first time

US President-elect Donald Trump has nominated Paul Atkins, a crypto advocate and a veteran financial regulator, to lead the US Securities and Exchange Commission. This appointment signals a potential shift in regulatory approach for the financial and cryptocurrency sectors.

The SEC, which oversees US securities markets and investments, has recently been led by Gary Gensler, whose tenure under President Joe Biden focused heavily on enforcing regulations in the cryptocurrency industry. Trump praised Atkins for his stance against excessive market regulation, describing him as a “proven leader for commonsense regulations.”

“He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognises that digital assets & other innovations are crucial to Making America Greater than Ever Before,” Trump wrote on Truth Social.

Paul Atkins served as an SEC commissioner from 2002 to 2008 under President George W. Bush. Known for his opposition to overly stringent regulations, Atkins advocates for fostering market innovation. His expertise includes corporate governance and financial compliance, along with his leadership roles at the financial consulting firm, Patomak Global Partners.

Trump’s vision of reducing regulatory burdens on the cryptocurrency industry aligns with the nomination of Paul Atkins. Atkins has previously expressed support for blockchain technology and digital assets, highlighting their potential to revolutionise financial systems.