Former SEC Commissioner Could Replace Gensler as Agency Head

President Donald Trump has reportedly offered the position of Securities and Exchange Commission (SEC) Chairman to Paul Atkins, a former SEC Commissioner known for his pro-cryptocurrency stance. This development comes as current Chairman Gary Gensler prepares to step down in January 2025.

Multiple industry sources have confirmed that Trump has formally approached Atkins for the position. Atkins, who previously served a five-year term as SEC Commissioner, has been notably critical of the SEC's current enforcement-focused approach under Gensler's leadership, particularly regarding the agency's handling of the Ripple lawsuit.

The selection process has identified several other candidates for the position, including Robinhood Chief Legal Officer Dan Gallagher, Willkie Law Firm Partner Robert Stebbins, and current SEC Commissioner Mark Uyeda. The news was first reported by FOX Business reporter Eleanor Terrett.

Despite the offer, sources indicate Atkins may decline the position due to his extensive business commitments. Accepting the SEC chairmanship would require him to divest from various business interests, potentially making the role less attractive given his previous tenure at the commission.

Meanwhile, the SEC has announced internal leadership changes, including the promotion of Jorge Tenreiro to chief litigation counsel. Tenreiro, who previously headed the SEC's crypto and cybersecurity oversight division, served as lead counsel in the significant Ripple Labs case initiated in December 2020, which challenged whether XRP constituted an unregistered security.

The potential leadership change could signal a shift in the SEC's regulatory approach toward cryptocurrencies. However, Tenreiro's promotion to chief litigation counsel suggests that enforcement will remain a significant focus of the agency's operations, regardless of who assumes the chairman position.