Donald Trump reportedly picks pro-crypto Paul Atkins for SEC chair, to replace Gary Gensler.
Paul Atkins, reportedly the top candidate for SEC Chair under President-elect Donald Trump, faces significant hurdles that could dissuade him from taking the position.
Challenges Ahead
The role is seen as unappealing for Atkins due to the substantial effort required to reform what he views as a mismanaged and bloated agency under outgoing SEC Chair Gary Gensler. According to a source familiar with Atkins' thinking, he is hesitant to "clean up Gensler's mess."
This reluctance echoes sentiments from former CFTC Chair Chris Giancarlo, who has advocated for Atkins to assume the role but acknowledges the immense challenge. Giancarlo himself was once considered for the position.
Background and Qualifications
Atkins, a former SEC commissioner (2002–2008) appointed by President George W. Bush, now leads Patomak Global Partners, a consultancy specializing in strategy, risk management, and regulatory compliance. While Patomak has some crypto clients, its primary focus is on traditional finance, serving public companies, banks, law firms, and insurance groups.
Atkins has strong ties to conservative circles and notable figures, including billionaire hedge fund manager Scott Bessent, Trump’s choice for Treasury Secretary. However, stepping into the SEC role would require Atkins to leave his firm, a decision he is reportedly hesitant to make until Patomak is prepared to operate independently.
Atkins was recently seen at Mar-a-Lago, meeting with Trump’s team about the SEC chair role. However, his reluctance to leave his thriving business remains a potential barrier.
Other Contenders
Several other candidates are also under consideration:
- Teresa Goody Guillén: A crypto attorney with pro-crypto views, Guillén has publicly declared her ambition to "Make Crypto Great Again." She has garnered support from Binance co-founder Changpeng Zhao and Cardano creator Charles Hoskinson for her blockchain expertise and advocacy.
- Brian Brooks: The former Acting Comptroller of the Currency was briefly considered a frontrunner due to his strong support from Web3 proponents. However, his limited securities law experience made his candidacy less viable.
- Heath Tarbert: Circle’s Chief Legal Officer and former CFTC Chair is also reportedly being considered. His background includes roles as assistant Treasury secretary and associate White House counsel.
- Brad Bondi: A traditional securities lawyer with a history at the SEC and in litigation against the agency, Bondi is seen as a potential candidate despite limited Web3 experience. His close ties to the Trump administration, through his sister Pam Bondi, a Trump loyalist, could bolster his chances.
Outlook
The SEC chair role remains a pivotal appointment for shaping U.S. financial regulation, particularly in the crypto space. While Atkins is a leading candidate, his hesitations leave the door open for other contenders as Trump’s transition team deliberates.
