Former SEC Commissioner Paul Atkins has emerged as a leading candidate to take over as chair of the U.S. Securities and Exchange Commission (SEC) from Gary Gensler. Known for his regulatory pragmatism and extensive experience in the financial services industry, Atkins is viewed as a potential change-maker, especially in the crypto sector. Despite his strong credentials, Atkins seems hesitant to accept the role, with reports indicating that he is concerned about the significant effort required to reform what he perceives as a bloated and mismanaged agency during Gensler's tenure.
Atkins, who is currently the founder and CEO of Patomak Global Partners, a consulting firm specializing in risk management and regulatory compliance, is being considered as a candidate to bring a balanced and forward-thinking culture back to the Commission. His past experience as an SEC commissioner from 2002 to 2008, under President George W. Bush, and his subsequent work in the financial sector have solidified his standing within conservative financial circles. Industry leaders have expressed hope that Atkins' appointment could lead to a more collaborative approach to regulatory issues, particularly in the ever-evolving cryptocurrency market.
The potential appointment of Atkins comes at a critical time for the SEC, which has faced criticism under Gensler for its enforcement-heavy stance on cryptocurrency regulation, causing uncertainty within the industry. Atkins' connections within conservative circles and his commitment to regulatory clarity in crypto have garnered support, with expectations that he could bring a sense of "common sense" to crypto regulations, which has been a longstanding request from industry stakeholders. Atkins' decision regarding the role may depend on his ability to ensure that his consulting firm, Patomak, can operate effectively without his direct involvement. Moreover, his relationships with key figures in the financial sector, such as Scott Bessent, could further bolster his candidacy and enhance coordination on financial policy initiatives under the new administration.