Former SEC Commissioner Paul Atkins has become the frontrunner for the role of SEC Chair in Donald Trump’s incoming administration, according to Eleanor Terrett of FOX Business, citing two sources.
🚨NEW: Former SEC commissioner Paul Atkins is said to still be the favorite among top transition team members to lead the @SECGov, according to two sources close to discussions at Mar-a-Lago. @FoxBusiness, @CGasparino reported earlier this week that Atkins was in the lead for the…
— Eleanor Terrett (@EleanorTerrett) November 27, 2024
Sources indicated that discussions among top members of the president-elect’s transition team have highlighted Atkins as the preferred candidate due to several factors. He is believed to be capable of advancing a “pro-innovation agenda” at the agency and restoring what Republicans view as the “gold standard” lost under outgoing Chair Gary Gensler.
“Atkins is someone who not only understands cryptocurrencies but also has a deep grasp of the inner workings of the SEC, having served under two previous chairmen — Richard Breeden and Arthur Levitt,” Terrett wrote.
On Kalshi, a prediction market platform, odds of Atkins’ appointment rose to 60%. Following Terrett’s report, his chances increased by 29% within a day.
The majority of users first leaned toward his appointment on November 22, when his odds jumped to 43.5%.
John Reed Stark, President of John Reed Stark Consulting, referred to Atkins as one of the most qualified commissioners in SEC history while discussing potential candidates for the role.
Outgoing Chair Gary Gensler has already announced his resignation effective January 20, 2025, coinciding with Trump’s inauguration. During his campaign, Trump had promised to dismiss Gensler.
By tradition, federal agency heads typically resign during a presidential transition, allowing the incoming administration to make new appointments. However, there is no legal obligation to do so; Gensler’s term was set to run until 2026.
Trump’s team continues to nominate crypto-friendly candidates for key government positions. Previously announced names include Bitcoin advocates like Robert F. Kennedy Jr. (Department of Health), Pete Hegseth (Department of Defense), and Howard Lutnick (Treasury). More recent additions include Scott Bessent (Treasury) and Kelly Loeffler (Agriculture).
Terrett noted that after selecting nominees for major cabinet positions, Trump’s transition team is now identifying potential leaders for federal agencies. However, it remains unclear when official announcements will be made.
Reminder: Trump’s team intends to shift some oversight of the cryptocurrency market to CFTC. Gensler himself suggested such a move in 2022.
The president-elect’s team is also considering appointing a “crypto czar” — a dedicated role in the administration focused on digital assets.
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