President Donald Trump has nominated cryptocurrency advocate Paul Atkins to lead the Securities & Exchange Commission (SEC).
Trump named Atkins as SEC chairman on Wednesday after vowing on the campaign trail to fire Gary Gensler from the position.
During the campaign trail, Trump pledged to introduce policies to transform the way the U.S. government deals with cryptocurrencies like Bitcoin.
While speaking at the Bitcoin 2024 conference in Nashville, Tennessee in July, Trump declared his plans to ban the formation of a Central Bank Digital Currency (CBDC) in America.
Trump made his stance on CBDCs crystal clear, provoking roaring cheers of support from the massive audience.
“There will never be a CBDC while I am president,” Trump declared as he brought the house down.
Elsewhere during his speech in Nashville, Trump outlined his plan for U.S. Bitcoin adoption via a strategic crypto reserve and an advisory council.
“I’m laying out my plan to ensure that the United States will be the crypto capital of the planet and the Bitcoin superpower of the world,” Trump pledged.
“If Bitcoin is going to the Moon — as we say— I want America to be the nation that leads the way.”
Trump also vowed to fire President Joe Biden’s SEC Chairman Gary Gensler “on Day One” of his presidency.
“On day one, I will fire Gary Gensler and appoint a new SEC chairman,” Trump said as the audience erupted.
“I didn’t know he was that unpopular,” Trump added.
“Let me say it again:
“On Day One, I will fire Gary Gensler.”
The news that Trump has nominated Atkins to lead the SEC is a major step toward fulfilling his promise.
The Washington Post reported that his nomination signals a “significant political shift for Washington’s leading cop on Wall Street.”
It indicates that the Trump administration will likely usher in a new era of deregulation and a relaxing of some of its enforcement operations.
“Paul is a proven leader for common sense regulations,” Trump said in a statement.
“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 recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”
Atkins was appointed in 2002 to be a Commissioner of the SEC by President George W. Bush, a role he served through late 2008.
He earned his J.D. from Vanderbilt University School of Law and started his career as an attorney in New York City.
As a lawyer, focused on “corporate transactions for U.S. and foreign clients, including public and private securities offerings and mergers and acquisitions,” according to the SEC.
Atkins has worked with law enforcement agencies to “investigate and rectify situations where investors had been harmed.”
He is the founder and CEO of the risk management company Patomak Global Partners.
The firm specializes in advising financial firms and cryptocurrency companies.
U.S. senators praised Trump for picking Atkins to lead the SEC.
Sen. Cynthia Lummis (R-WY) said that the nomination was “a huge win for financial innovation.”
“President Trump promised to have the most pro-digital asset admin in U.S. history, and I am looking forward to working with both of them to promote innovation and make our economy strong again,” she said.
Sen. Katie Britt (R-AL) congratulated Atkins on the nomination in a post on X, saying that it was “another step closer to strong pro-markets, pro-innovation, and pro-growth leadership at the SEC.”
The cryptocurrency industry appears to have responded well to the news, with Bitcoin breaking the $100,000 mark for the first time ever on Wednesday night.
READ MORE – Trump Commits to CBDC Ban, Pledges Strategic Bitcoin Reserve
