US President-elect Donald Trump nominated veteran Washington lawyer Paul Atkins to chair the Securities and Exchange Commission (SEC), a move that has cheered the cryptocurrency industry.
Atkins, who was SEC Commissioner from 2002 to 2008, founded the risk consultancy firm Petomac Global Partners in 2009, whose clients include companies in the banking, trading and cryptocurrency industries.
An announcement from the Trump transition said Atkins had been co-chair of the Digital Chamber of Commerce since 2017, which promotes the use of digital assets.
“Paul is a proven leader for common sense rules,” Trump said in a statement. Which emphasizes Atkins’ commitment to “strong, innovative” capital markets.
“He also believes that digital assets and other innovations are critical to making America greater than ever before,” Trump said.
In a separate statement, Trump chose former senator Kelly Loeffler to head the Small Business Administration.
“Kelly will use her experience in business and Washington to cut red tape and provide our small businesses with opportunities to grow, innovate and thrive,” he said. She said she would also co-chair his inaugural committee.
During the presidential campaign, Trump received massive financial support from cryptocurrency supporters, some of whom are also close to the Republican’s mega-donor, Tesla and SpaceX CEO Elon Musk.
The digital assets industry is eager for change at the SEC, with outgoing Chairman Gary Gensler taking a hostile stance on the sector.
Gensler has referred to the world of cryptocurrencies as the “Wild West” and has filed lawsuits against various smaller startups as well as major trading platforms including Binance, Coinbase, and Kraken.
The SEC chair also supported controversial measures requiring publicly traded companies to measure their exposure to climate change.
Blockchain Association CEO Kristin Smith praised the nomination, calling Atkins an “excellent” choice.
“The last four years under Chair Gensler were a non-stop anti-crypto crusade, leading to a standstill in innovation and untold job, talent, and economic losses,” he said on Twitter.
But Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, expressed concern over his appointment, saying Atkins had opposed penalties against major corporations despite their record of wrongdoing during the last financial crisis.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
