The crypto world has been buzzing over Trump’s rumored pick to replace Gary Gensler as SEC chair, but the chatter now is more a mix of hope and confusion.
Paul Atkins, a former SEC commissioner (2002–2008) remains the frontrunner for the role. But it seems that Atkins is hesitant — turning the ship around post-Gensler looks like too much work, and he’s not ready to ditch his consultancy, Patomak Global Partners, just yet.
Cleaning the mess
Under Gensler, the SEC became crypto’s nemesis, taking Coinbase and Binance to court and earning a reputation “regulation by enforcement.” Translation: aggressive enforcement action but no guidance.
Critics claimed his policies drove companies offshore, leaving investors stranded and the industry in chaos. Now, with Gensler stepping down and Trump back in the White House, crypto players are watching to see if the next SEC chief will take a softer stance — or at least offer clear rules.
Atkins reportedly met with Trump’s team before Thanksgiving and could bring “reasonable and workable” crypto policies, says lawyer Jeremy Hogan. In a podcast last year, Atkins argued that a more accommodating SEC would keep crypto activity stateside, stressing that it was better to have oversight here than overseas.
But is the mess Gensler left too big to clean up?
Meet the contenders
Atkins isn’t the only name in the mix. Other potential picks include Teresa Goody Guillen, who’s echoed Trump’s pro-crypto agenda, and Brian Brooks, a Web3 favorite and former acting comptroller of the currency.
Both trail Atkins in prediction markets, with Kalshi giving Atkins a 66% shot at the job.
Earlier names floated, like Robinhood’s Dan Gallagher and SEC Commissioner Hester Peirce, are reportedly out of the running.
Trump’s official pick could be announced as early as Wednesday but don’t expect immediate changes. Whoever gets the nod will need to wait for Trump’s inauguration and congressional approval before taking over.
For now, the crypto world remains stuck in limbo, hoping the watchdog is finally a little less hostile.
