Trump officially nominated Paul Atkins as the new chairman of SEC: advocating free market and opposing ineffective regulation

Paul Atkins is a former member of the U.S. Securities and Exchange Commission (SEC) and the founder and CEO of Patomak Global Partners, a global consulting firm focused on strategy, risk management, and compliance. Customers include cryptocurrency companies, traditional financial institutions, listed companies, trade associations, law firms, banks, and insurance companies, among others.

During his tenure at the SEC, Paul Atkins stated that his core philosophy was based on a 'free market system'. He opposes regulatory growth that he considers ineffective, including regulation of hedge funds, internal audit controls, and stock trading norms known as NMS rules. In addition, Paul Atkins It also criticized the SEC's overly aggressive corporate enforcement actions, believing that it would only cause "double harm" to shareholders.

Therefore, his nomination is a major boon for Wall Street and the cryptocurrency industry, as the financial industry has long complained about the strict regulatory policies of current chairman Gary Gensler. Trump said in the statement:

Paul Atkins believes that a sound and innovative capital market can meet the needs of investors. He also recognizes that digital assets and other innovations are crucial to making America greater

Many cryptocurrency industry insiders also express support and affirmation for this candidate. Coinbase CEO Brian Armstrong stated on X that Paul Akins is an excellent candidate for the new SEC Chairman. Ji Kim, Chief Legal and Policy Officer of the Crypto Council for Innovation, also stated:

This is a strong and forward-looking choice. We look forward to a new SEC executive team focused on driving responsible innovation