President-elect Donald Trump said Wednesday he will nominate former Wall Street regulator Paul Atkins to run the Securities and Exchange Commission, turning to one of Washington’s most influential voices on financial policy to lead the U.S. markets watchdog.
Atkins, if confirmed, would be tasked with steering the SEC as it embarks on what is expected to be a new deregulatory age for Wall Street after nearly four years of aggressive rulemaking by the current chair, Gary Gensler. He would also be thrust into a series of policy fights over the $3 trillion cryptocurrency market, artificial intelligence and the cost of raising capital in the U.S.
Atkins previously served as an SEC commissioner in the early-to-mid 2000s before launching his consultancy firm, Patomak Global Partners.
He played a critical role in the first Trump transition, helping to lead the charge on financial regulation. He has been an outspoken critic of everything from the reform measures enacted in the wake of the 2008 financial crisis to corporate penalties to climate-related disclosures.
The SEC chair has been one of the most highly anticipated appointments for Wall Street since the election. For the last four years, the financial world and the crypto lobby have clashed with Gensler over new rules from the agency and its sweeping enforcement campaigns. The Trump administration is likely to take a lighter-touch approach to both policing the markets and crafting new rules.
