U.S. Republican President-elect Donald Trump on Wednesday said he would nominate Paul Atkins to run the Securities and Exchange Commission, putting a prominent and experienced conservative Washington insider atop Wall Street's major regulator.
The appointment of Atkins, a lawyer and former top SEC official who has advocated for de-regulation, spells relief for Wall Street and the crypto industry which have chafed under President Joe Biden's hard-charging SEC Chair Gary Gensler.
His nomination stands in contrast to Trump's cabinet picks, many of whom are loyalists with few qualifications for the job.
Atkins "believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors," Trump wrote in a post on his social media platform.
"He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before."
Atkins and his representatives did not immediately respond to a request for comment.
Gensler, who is stepping down on Jan. 20, inked more than 40 rules aimed at boosting transparency, reducing risks, and stamping out conflicts of interest on Wall Street and sued multiple crypto firms he alleged were flouting SEC rules.
Atkins is expected to review many of Gensler's rules and enforcement actions wending their way through the courts, adopt a softer touch on crypto, and pursue rule changes aimed at promoting capital formation. Industry groups applauded his nomination, while some progressive groups warned he may be too soft on Wall Street.
Atkins is currently the chief executive at Patomak Global Partners, a Washington-based strategic and risk management advisory business he founded in 2009.
