Trump Nominates SEC Chair: Who is Paul Atkins and What to Expect

Today it was announced that President-elect Donald Trump has nominated former SEC member, Paul Atkins to be the SEC Chair. Currently, Gary Gensler holds the position and had formerly been an investment banker with Goldman Sachs. This shift in leadership will be an impactful change for Wall Street as Atkins takes a more conservative approach and has been known to have a softer stance on the crypto industry.

Who is Paul Atkins?

Lobbyist and businessman Paul Atkins, who is originally from North Carolina is currently the CEO of Patomak Global Partners, LLC. Atkins began his career in law as an attorney for Davis Polk and Wardwell assisting financial firms with their compliance with the SEC and has worked on a multitude of corporate transactions including public and private securities offerings and M&A. Most notably he had worked on the Bennett Funding Group case, a $20M ponzi scheme which had been the largest to date, at the time. In the early 90’s Atkins also served on the staff of two former SEC Chairman Breeden and Levitt and was a commissioner of the SEC from 2002 till his term ended in 2008.

Future Outlook

This decision has some preliminary expected implications as the pro-conservative and former regulator steps into the Chair. Atkins will likely take a lighter regulatory approach than the current Chair and has been seen as a strong advocate for looser regulation of crypto assets. This is expected to result in a more “hands-off approach” with regards to digital assets. In addition to this, it is likely that Atkins will work to roll back some of Gensler’s initiatives that had encouraged companies to deal with climate change and promote diversity. The SEC Chair position while critical for policy decisions is one of five commission members. Upon Atkins assuming the position, only one of the remaining four commissioners will be a Democrat, resulting in a much more conservative focus future setting for the SEC.