Paul Atkins to Lead SEC: Will He Make Good Changes for Crypto?

With Donald Trump’s pro-crypto stance securing a win in the US presidential election, it’s now almost certain that crypto skeptic Gary Gensler will lose his position as chair of the US Securities and Exchange Commission (SEC). As anticipated, Trump has announced plans to appoint Paul Atkins, a well-known advocate for cryptocurrencies, as the new SEC chair.

But can Atkins bring the change the crypto industry desperately needs? Let’s find out.

A Fresh Start for Crypto Regulation?

A recent post on X by pro-XRP lawyer John Deaton has shed light on the high hopes surrounding Atkins’ appointment. Deaton emphasized the urgent need for reforms within the SEC, calling for the removal of officials who backed Gensler’s tough stance on crypto.

Deaton made it clear: Atkins must show he’s the right fit by making bold changes immediately. He urged Atkins to overhaul the SEC leadership, bringing in people who can create a regulatory environment that supports both innovation and investor protection.

According to Deaton, this leadership shift is crucial to establishing a fair and balanced regulatory framework for crypto.

Deaton went even further, questioning whether the SEC’s separate crypto unit is still necessary. He proposed replacing it with a general fraud unit that could handle all types of fraud, not just crypto-related cases. Deaton also urged Atkins to clarify that DeFi (decentralized finance) and self-custody should not fall under the SEC’s jurisdiction.

A Call for Balanced Regulation

Deaton’s calls for reform have gained support from key figures in the crypto world, including Ripple CEO Brad Garlinghouse. Both have pushed for a more sensible regulatory approach that will allow the crypto industry to grow while also protecting investors.

Many in the space are hopeful that Atkins will embrace these reforms and steer the SEC in a more progressive direction.

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SEC’s Controversial Actions: Will Atkins Clean House?

Earlier this year, a federal judge found that the SEC abused its power when trying to secure a restraining order against Debt Box, a crypto company based in Utah. This ruling led to the departure of two SEC attorneys, Michael Welsh and Joseph Watkins. In his post, Deaton called for the dismissal of all officials involved in the Debt Box case on Atkins’ first day as SEC chair.

As Paul Atkins prepares to take charge of the SEC, the crypto world is watching closely. Will we get the clear, fair rules that are so needed? Time will tell.