Several factors must align for Paul Atkins, reportedly President-elect Donald Trump's preferred candidate to lead the U.S. Securities and Exchange Commission, to accept the position. Atkins views the role as unappealing due to the significant effort required to overhaul the agency, which he believes was poorly managed by outgoing SEC chair Gary Gensler, according to a person familiar with his thoughts.
Former Commodity Futures Trading Commission chair Chris Giancarlo, who has advocated for Atkins to take the SEC job and was once considered a candidate himself, shares Atkins' reluctance to clean up Gensler's 'mess'. Atkins, a former SEC commissioner, was recently spotted at Trump's Mar-A-Lago resort, and industry sources indicate he was scheduled to interview for the SEC chair role.
As the founder and CEO of Patomak Global Partners, a global consulting firm specializing in strategy, risk management, and regulatory compliance, Atkins is well-respected in conservative circles and is friendly with Key Square Group founder Scott Bessent, the billionaire hedge fund manager selected by Trump to become Treasury Secretary. However, Atkins is hesitant to leave his practice, and taking on the SEC chair role would require him to resign from his business interests, which he may only do once his firm is well-positioned to operate without him, sources said.
Other candidates under consideration by the Trump transition team include crypto attorney Teresa Goody Guillén, who has gained support from crypto executives due to her pro-crypto views and experience arguing against the SEC on behalf of blockchain clients. Guillén has expressed her desire to 'Make Crypto Great Again' and has been polling the public on effective ways the agency could address regulatory challenges. Former acting Comptroller of the Currency Brian Brooks was also believed to be a lead candidate, but his lack of securities law experience made him a longshot, sources said. Circle Chief Legal Officer and Head of Corporate Affairs Heath Tarbert is reportedly being considered, and while he has experience as a former CFTC chair, assistant Treasury secretary, and associate White House counsel, a Circle spokesperson declined to comment on speculation.
Other potential candidates include Brad Bondi, who has been described as 'pro-crypto' but has limited experience in Web3, and Norm Champ, a former SEC investment management director and Kirkland and Ellis partner who has expressed his willingness to serve as SEC Chair if selected by President Trump. Trump's pick for Manhattan's U.S.
attorney, Jay Clayton, has endorsed attorneys Robert Stebbins and Dalia Blass, sources said, but crypto experts have been critical of their involvement in SEC crypto-related enforcement actions. Republican SEC commissioner Mark Uyeda could become acting chair of the SEC after Gary Gensler steps down on inauguration day if the Senate doesn't confirm Trump's SEC pick by January 20. Commissioner Hester Peirce has privately stated she is not interested in being the chair on an acting or permanent basis, which would improve Uyeda's chances.
The crypto community is closely watching the SEC chair selection process, which is expected to conclude in the coming days, as Washington experts predict the Trump administration will likely roll back the SEC's oversight of the $3 trillion digital assets market in favor of the CFTC.