Paul Atkins has been appointed chair of the US Securities and Exchange Commission (SEC) following Gary Gensler’s departure.
Speaking in an announcement on social media platform Truth Social, incoming President Donald Trump said: “Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of investors and that provide capital to make our economy the best in the world.
Paul Atkins, Gary Gensler
“He also recognises that digital assets and other innovations are crucial to making America greater than ever before […] A former SEC Commissioner from 2002-2008, Paul strongly advocated for transparency and protecting investors.”
Atkins was initially appointed by President George W. Bush as a commissioner of the SEC in July 29 2002, where he served until August 2008.
His appointment follows the announcement of Gensler’s official departure – set for 20 January 2025.
Gensler joined the SEC in April 2021 following the GameStop crisis, appointed by President Joe Biden.
Prior to this, on 14 November, Gensler appeared to suggest a departure from the commission through a thinly veiled farewell message during his ‘Car Keys, Football, and Effective Administration’ speech for the Practicing Law Institute’s 56th Annual Institute on Securities Regulation.
Read more: Gensler alludes to departure from SEC
Speaking in the official announcement, Gensler said that it had been “the honour of a lifetime to serve with [SEC staff] on behalf of everyday Americans and ensure that our capital markets remain the best in the world”.
He added: “I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favour. I’ve greatly enjoyed working with my fellow Commissioners, Allison Herren Lee, Elad Roisman, Hester Peirce, Caroline Crenshaw, Mark Uyeda, and Jaime Lizárraga. I also thank Congress, my colleagues across the US government, and fellow regulators around the world.”