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"Rational and coherent": New SEC head sparks market enthusiasm

With the appointment of Paul Atkins as the new chair of the U.S. Securities and Exchange Commission (SEC), the regulator is making a clear turn toward a pro-crypto policy.

By Mike Hesp
• 2 min read

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With the appointment of Paul Atkins as the new chair of the U.S. Securities and Exchange Commission (SEC), the regulator is making a clear pivot toward a pro-crypto policy. Atkins succeeds Gary Gensler, who recently stepped down. At his swearing-in on Tuesday, April 22, Atkins left little to interpret: he’s advocating for a “rational, coherent and principled approach” to crypto regulation.

“With full conviction, I can say a new day has dawned at the SEC,” Atkins said. “It’s time for the SEC to leave its detours behind and return to its core mission, as set by Congress: investor protection, fair, orderly, and efficient markets, and capital formation.”

Atkins also said he wants to make the United States “the best place in the world to establish crypto companies.” His remarks mark a sharp shift from his predecessor Gensler, whose strict stance toward the crypto sector drew frequent criticism.

Markets reacted quickly to Atkins’ positive tone. The overall crypto market rose notably, with Ethereum climbing as much as 14% on the day.

Paul Atkins isn’t new to the SEC. Between 2002 and 2008 he served as a commissioner under the Bush administration. He later founded the financial advisory firm Patomak Global Partners. According to Barron’s, Patomak was involved in lobbying for the launch of a Bitcoin spot ETF in 2019 on behalf of asset manager VanEck. Since 2017, Atkins has also led the “Token Alliance,” an initiative of the influential lobbying group The Digital Chamber.

With Atkins at the helm, the SEC appears to be opening a new chapter where innovation and regulation go hand in hand.

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