Many prominent U.S. crypto company executives have weighed in on President-elect Donald Trump's pick for the next chair of the Securities and Exchange Commission (SEC), and the feedback has been largely positive.
In a December 5 interview with Bloomberg, Bitwise Asset Management's legal counsel, Katherine Dowling, said that former SEC Commissioner Paul Atkins would be a "wonderful choice" to lead the regulatory agency.
She suggested he may be less "confrontational" with Congress members than current SEC Chair Gary Gensler, who will be stepping down on January 20.
"We're really looking forward to someone who can hit the ground running, work collaboratively with the other commissioners, and hopefully also engage with the [Commodity Futures Trading Commission] and with lawmakers so that in the new Congress, we can get some clarity, some progress: stablecoin legislation, market structure," Dowling said.
Atkins, who served as an SEC commissioner under President George W. Bush from 2002 to 2008, was a regulator before the crypto era. If Trump proceeds with the nomination, Atkins would still need to be confirmed by U.S. Senate lawmakers, where Republicans will hold a slim majority in 2025.
Coinbase and Ripple Weigh in on Atkins' Selection
Dowling was not the only one praising Atkins' potential as SEC chair. Many crypto users and company heads have criticized Gensler for years, saying he has regulated the industry through enforcement actions rather than clear rules.
"Paul Atkins as SEC chair would bring much-needed wisdom to the agency," Ripple Labs CEO Brad Garlinghouse said in a December 4 post on X.
Ripple was one of the first targets of the SEC for a blockchain or crypto company. The agency filed a lawsuit against Ripple in December 2020, alleging the company used the XRP Token as an unregistered security to raise capital.
Last August, a judge ordered Ripple to pay $125 million, but the SEC is appealing the ruling. It's unclear how this case will progress under new SEC leadership.
Coinbase's Coinbase's chief legal officer, Paul Grewal, also praised Trump's pick of Atkins, calling it "much needed." The crypto trading platform is facing a lawsuit filed by the SEC in June 2023 over unregistered securities.
Coinbase's chief legal officer shares his views on Donald Trump's pick for the SEC chair. Source: Paul Grewal
Patomak Global Partners CEO and Digital Chamber advisory board member Atkins has ties to the crypto industry, but it's unclear how he would approach digital assets as SEC chair. In a February 2023 interview, he suggested the SEC could be "more flexible" with crypto companies to encourage the industry's growth in the U.S.
