Former commissioner turned lobbyist and crypto supporter Paul Atkins has been nominated to be the next chairman of the U.S. Securities and Exchange Commission (SEC), replacing Gary Gensler.
U.S. president-elect Donald Trump announced that he picked Atkins to take over as the head of the SEC in a statement posted on Truth Social Wednesday. Gensler has said he plans to step down from the SEC on Jan. 20, 2025.
Atkins, who served as an SEC commissioner from 2002 to 2008, is currently CEO of risk management consultancy Patomak Global Partners LLC and serves as co-chair of the crypto lobby group, the Chamber of Digital Commerce’s Token Alliance.
From 1990 to 1994, Atkins also served on the staff of SEC chairs Richard Breeden and Arthur Levitt. Before joining the SEC, Atkins was a corporate lawyer in New York and Paris.
In a statement, the U.S. fund industry trade group, the Investment Company Institute (ICI), congratulated Atkins on his nomination.
“His distinguished record, years of experience in the industry, and history of service at the SEC make him a supremely well qualified nominee,” said ICI president and CEO, Eric Pan, in a statement.
“Atkins understands that registered fund companies play a major role in the U.S. economy. His leadership will be vital to ensuring the strength, fairness, and integrity of our financial markets. We look forward to working with him to promote the interests of registered funds and the more than 120 million investors they serve.”