US President-elect Donald Trump has picked Paul Atkins to lead the Securities and Exchange Commission (SEC). Atkins, a former commissioner at the agency and veteran of conservative financial space, is expected to steer the agency toward a lighter regulatory approach.

A New Direction for the SEC

Atkins brings a wealth of experience in the regulatory space. He was the former Republican SEC commissioner under President George W. Bush and has reportedly championed innovation in the financial markets in his past roles.

In a post on his social media, TruthSocial, Trump wrote, “I am delighted to announce the nomination of Paul Atkins to be the next Chairman of the Securities & Exchange Commission. Paul is a proven leader for common-sense 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.”

Atkins’ reputation extends beyond his time at the SEC. After leaving the agency, he founded Patomak Global Partners, a consulting firm specializing in guiding financial firms through Washington’s regulations.

Atkins’ tenure will likely focus on easing regulatory burdens and reassessing enforcement strategies. Industry insiders anticipate lower penalties for violations and a more industry-friendly approach to oversight. Outgoing Chair Gary Gensler, known for his aggressive enforcement actions and comprehensive regulatory proposals, will depart from the commission next year, paving the way for Atkins.

Crypto Enthusiast

Trump, who lured the crypto community on his campaign trail by promising to fire Gensler on day one if elected, added: “Paul also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

The SEC recently confirmed Gary Gensler's departure from the commission, which is set for January 20, 2025, when Donald Trump will be inaugurated into office.

In his farewell message, Gensler said: "I've greatly enjoyed working with my fellow Commissioners, Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga. I also thank Congress, my colleagues across the US government, and fellow regulators around the world."

During his tenure, which started in 2021, Gensler reportedly pursued over 2,700 enforcement actions, resulting in $21 billion in penalties and returning $2.7 billion to harmed investors.