{"id":19169,"date":"2024-12-04T12:00:14","date_gmt":"2024-12-04T10:00:14","guid":{"rendered":"https:\/\/forklog.com\/en\/paul-atkins-unlikely-to-lead-sec-as-journalists-eye-other-candidates\/"},"modified":"2024-12-04T12:00:14","modified_gmt":"2024-12-04T10:00:14","slug":"paul-atkins-unlikely-to-lead-sec-as-journalists-eye-other-candidates","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/paul-atkins-unlikely-to-lead-sec-as-journalists-eye-other-candidates\/","title":{"rendered":"Paul Atkins Unlikely to Lead SEC as Journalists Eye Other Candidates"},"content":{"rendered":"<p>Previously identified by the media as the leading candidate for the chair of the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>, Paul Atkins has been interviewed by U.S. President-elect Donald Trump, according to <a href=\"https:\/\/www.coindesk.com\/policy\/2024\/12\/03\/trumps-top-sec-chair-pick-paul-atkins-reluctant-to-take-job-source\">CoinDesk<\/a> citing sources.<\/p>\n<p>However, insiders noted that Atkins is not attracted to the position due to the workload. He believes the bloated federal agency requires significant reorganization following a period of ineffective leadership under outgoing head Gary Gensler.<\/p>\n<p>Similarly, former <span data-descr=\"U.S. Commodity Futures Trading Commission\" class=\"old_tooltip\">CFTC<\/span> chairman Chris Giancarlo expressed that he no longer wishes to clean up the &#8220;mess&#8221; left by Gensler, as he had to do at the agency he led.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">As for reports that I\u2019m in mix to run <a href=\"https:\/\/twitter.com\/SECGov?ref_src=twsrc%5Etfw\">@SECGov<\/a>, I\u2019ve made clear that I\u2019ve already cleaned up earlier Gary Gensler mess <a href=\"https:\/\/twitter.com\/CFTC?ref_src=twsrc%5Etfw\">@CFTC<\/a> and don\u2019t want to have do it again. DC rumors that I\u2019m interested in some <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#crypto<\/a> role <a href=\"https:\/\/twitter.com\/USTreasury?ref_src=twsrc%5Etfw\">@USTreasury<\/a> are also wrong.<\/p>\n<p>\u2014 Chris Giancarlo (@giancarloMKTS) <a href=\"https:\/\/twitter.com\/giancarloMKTS\/status\/1857074616373584127?ref_src=twsrc%5Etfw\">November 14, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Atkins is the founder and CEO of consulting firm Patomak Global Partners, which specializes in strategy, risk management, and compliance. Its clients include cryptocurrency companies, though they represent a small part of its practice.\u00a0<\/p>\n<p>From 2002 to 2008, Atkins served as an SEC commissioner. During that time, Mark Uyeda and Hester Peirce worked as his advisors. Both are now commissioners at the agency, showing a friendly stance towards digital assets.<\/p>\n<p>According to CoinDesk, Atkins is closely associated with billionaire and Key Square Group hedge fund manager Scott Bessent, whom Trump has nominated for Treasury Secretary.<\/p>\n<p>However, the CEO of Patomak Global Partners is reluctant to leave his business for the SEC chair role, at least until he has adequately prepared the firm for his departure, a source told the publication.<\/p>\n<h2 class=\"wp-block-heading\">Other Contenders and Their Prospects<\/h2>\n<p>Another potential candidate for the regulator&#8217;s head is Teresa Goody Guill\u00e9n, a partner at the law firm BakerHostetler. She has been involved in disputes with the agency, defending the interests of clients in the blockchain industry.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cTeresa is an excellent choice. Highly recommend!\u201d <a href=\"https:\/\/x.com\/IOHK_Charles\/status\/1859071615658848416\">stated<\/a> Cardano founder Charles Hoskinson.<\/p>\n<\/blockquote>\n<p>Her support has also been echoed directly or indirectly by other notable industry figures, such as Binance co-founder <a href=\"https:\/\/x.com\/cz_binance\/status\/1861602369412190286\">Changpeng Zhao<\/a>.\u00a0\u00a0<\/p>\n<p>Guill\u00e9n has called for the need to \u201cmake the SEC great again.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Make The SEC Great Again. Make Crypto Great Again. Under President Trump, transformative change starts on Day One. <a href=\"https:\/\/twitter.com\/hashtag\/SEC?src=hash&#038;ref_src=twsrc%5Etfw\">#SEC<\/a> must restore trust, engage with industry, and end regulation by enforcement. It\u2019s time to knockdown needless obstacles, remove burdens, clarify <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#crypto<\/a> rules,\u2026<\/p>\n<p>\u2014 Teresa Goody Guill\u00e9n (@teresagoody) <a href=\"https:\/\/twitter.com\/teresagoody\/status\/1859670969918349510?ref_src=twsrc%5Etfw\">November 21, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIt\u2019s time to remove unnecessary obstacles, clarify crypto rules, and promote innovation. Protect investors and our place on the global financial stage. Bring cryptocurrency back to the U.S.,\u201d the lawyer emphasized.<\/p>\n<\/blockquote>\n<p>The potential nomination of former Binance.US CEO Brian Brooks for the agency&#8217;s head has also garnered support in the Web3 community. At the time of writing, users of the prediction platform <a href=\"https:\/\/kalshi.com\/markets\/kxsecchair\/next-sec-chair\">Kalshi<\/a> consider his and Guill\u00e9n&#8217;s chances equal at 11%. Both trail significantly behind Atkins, who stands at 66%.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Who-will-be-Trumps-SEC-Chair-Trade-on-Kalshi-Google-Chrome-2.webp\" alt=\"Who-will-be-Trumps-SEC-Chair-Trade-on-Kalshi-Google-Chrome-2\" class=\"wp-image-246724\"\/><figcaption class=\"wp-element-caption\">Data: Kalshi.<\/figcaption><\/figure>\n<p>CoinDesk sources consider Brooks&#8217; selection unlikely: the former acting head of the Office of the Comptroller of the Currency lacks experience in securities regulation.<\/p>\n<h2 class=\"wp-block-heading\">Less Obvious Candidates and Community Assessments<\/h2>\n<p>According to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-27\/trump-team-eyes-atkins-ex-sec-commissioner-to-succeed-gensler\">Bloomberg<\/a>, Trump\u2019s transition team is considering former CFTC chairman Heath Tarbert for the SEC chair position. He currently serves as the chief legal officer at Circle, the issuer of the USDC stablecoin. The company declined to comment.<\/p>\n<p>Another contender is former SEC commissioner Brad Bondi, who is considered crypto-friendly. However, critics point out that he is more of a traditional securities lawyer based on his previous work experience. His sister, Pam Bondi, has been nominated by Trump for U.S. Attorney General, and such ties to the administration could be a &#8220;trump card&#8221; for his appointment, CoinDesk suggested.\u00a0<\/p>\n<p>According to <a href=\"https:\/\/unchainedcrypto.com\/who-might-trump-pick-for-s-e-c-chair-this-is-who-jay-clayton-hopes-to-see\/\">Unchained<\/a>, former SEC chairman Jay Clayton, nominated as Manhattan prosecutor, has strongly supported the candidacy of former agency lawyer Robert Stebbins. The crypto community has actively opposed such a choice.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Possible SEC Chair nominations of Atkins, Bondi, Gallagher and Stebbins \u2014 Who Are These Guys?<\/p>\n<p>Kudos <a href=\"https:\/\/twitter.com\/EleanorTerrett?ref_src=twsrc%5Etfw\">@EleanorTerrett<\/a>, nice job on reporting the SEC Chair short list to us all \u2014 you are killing it as always. Atkins, Gallagher, Bondi and Stebbins are all highly impressive choices\u2026 <a href=\"https:\/\/t.co\/RbPXtqtTzX\">https:\/\/t.co\/RbPXtqtTzX<\/a> <a href=\"https:\/\/t.co\/9TlE02Z5S3\">pic.twitter.com\/9TlE02Z5S3<\/a><\/p>\n<p>\u2014 John Reed Stark (@JohnReedStark) <a href=\"https:\/\/twitter.com\/JohnReedStark\/status\/1857927578042212851?ref_src=twsrc%5Etfw\">November 16, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cStebbins personally signed, approved, and supported about 80 enforcement actions related to cryptocurrencies, including the most controversial of all \u2014 the SEC case against Ripple,\u201d noted John Reed Stark, president of John Reed Stark Consulting.<\/p>\n<\/blockquote>\n<p>In his view, major players in the crypto industry have gained significant political clout during the election campaign and will not allow such an unacceptable candidate to be appointed.<\/p>\n<p>Gensler announced he will resign on January 20, 2025, the day of Trump\u2019s inauguration.<\/p>\n<p>Until the Senate confirms a new head of the agency, one of the two Republican commissioners \u2014 Peirce or Uyeda \u2014 may serve as acting chair. &#8220;Crypto Mom&#8221; has already indicated she is not interested in the chair position, either temporary or permanent. This increases Uyeda&#8217;s chances, but whether he will remain as head is unclear.<\/p>\n<p>Noted industry lawyer Jake Chervinsky gave a low probability to both appointments in a discussion with Bloomberg analyst Eric Balchunas.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Very low, only because I don\u2019t think she wants the job. I\u2019d give decent odds to Uyeda, although I expect Trump may prefer to bring in someone new of his own.<\/p>\n<p>\u2014 Jake Chervinsky (@jchervinsky) <a href=\"https:\/\/twitter.com\/jchervinsky\/status\/1854146813801967835?ref_src=twsrc%5Etfw\">November 6, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI\u2019d give Uyeda decent odds, but I expect Trump may prefer to bring in someone new of his own,\u201d he stated.<\/p>\n<\/blockquote>\n<p>CEO of the Blockchain Association Kristin Smith believes that the next SEC chair is the most crucial appointment for the industry by the future administration.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">The next SEC chair is the most critical position for crypto <a href=\"https:\/\/twitter.com\/realDonaldTrump?ref_src=twsrc%5Etfw\">@realdonaldtrump<\/a> will appoint.<\/p>\n<p>The chair must be a known quantity committed to undoing the damage of the last 4 years, have expertise on crypto\u2013and share Trump\u2019s vision of making the US the crypto capital of the world.<\/p>\n<p>\u2014 Kristin Smith (@KMSmithDC) <a href=\"https:\/\/twitter.com\/KMSmithDC\/status\/1858933820457631930?ref_src=twsrc%5Etfw\">November 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe chair must be a known figure committed to undoing the damage of the last four years, have expertise in digital assets, and share Trump\u2019s vision of making the U.S. the <a href=\"https:\/\/u1f987.com\/en\/news\/trump-vows-to-make-america-the-crypto-capital-of-the-world\">crypto capital of the world<\/a>,\u201d she emphasized.<\/p>\n<\/blockquote>\n<p>As reported, the president-elect&#8217;s transition team plans to transfer some control over the crypto market to the CFTC, according to media reports.<\/p>\n<p>The future administration is also considering creating a dedicated position focused on digital assets \u2014 a so-called &#8220;crypto czar.&#8221; Giancarlo is mentioned as a candidate for the role.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Previously identified by the media as the leading candidate for the chair of the SEC, Paul Atkins has been interviewed by U.S. President-elect Donald Trump, according to CoinDesk citing sources. However, insiders noted that Atkins is not attracted to the position due to the workload. He believes the bloated federal agency requires significant reorganization following [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1150,36,128,26],"class_list":["post-19169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-news-plus","tag-regulation","tag-sec","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=19169"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19169\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/19168"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=19169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=19169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=19169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}