Gary Gensler’s press release about his resignation from the U.S. Securities and Exchange Commission (SEC) chairman role has ignited discussions and speculations about his successor. According to the latest reports, Paul Atkins, a former SEC commissioner and current CEO of Patomak Global Partners, has been interviewed by Donald Trump’s transition team for the position.
Gary Gensler plans to resign on January 20, 2025, the date Donald Trump will be inaugurated as the nation’s new President. When he was in the role, Gensler attracted a lot of criticism, mainly from the crypto community. With the shift in roles, the crypto landscape expects lenient rules and regulations that support innovations.
With a 6-year career as the SEC commissioner under President George W. Bush, Paul Atkins has served SEC chairmen Harvey Pitt, William H. Donaldson, and Christopher Cox. He also campaigned for Donald Trump in the 2016 elections. Trump is expected to nominate Gensler soon.
Will Paul Atkins Become the Next SEC Chairman?
Paul Atkins has a commendable reputation and experience-level deep knowledge of securities, capital formation, and regulatory frameworks. Also, he has witnessed the SEC’s activities as an insider over many years, making him a potential candidate for the SEC chairman.
However, there is uncertainty regarding which role he will get. Recently, Donald Trump approached previous SEC chairperson Jay Clayton and nominated him for the new role of Manhattan’s chief prosecutor. Since many key positions remain to be filled, we have to wait until an official confirmation arrives.
Who is Paul Atkins? Career Timeline
- 1980s: After receiving his Juris Doctor degree in 1983, Paul Atkins started practicing as a lawyer in New York. He joined Davis Polk & Wardwell, a renowned American multinational law firm. During this time he assisted various financial services in improving the relationship with SEC.
- 1990s: Atkins worked as a staff of two former chairmen of the SEC, Richard C. Breeden and Arthur Levitt, from 1990 to 1994. He contributed to the efforts to improve SEC’s regulations regarding corporate governance and to enhance accountability. He served as a crisis president for Bennett Funding Group when the company was accused of perpetuating a Ponzi scheme in 1996. He rebuilt the company and increased its share value by almost 2000%.
- 2000s: On July 9th, 2002, Atkins was appointed by then-President George W. Bush as a commissioner of the SEC, acknowledging his previous achievements. In 2006, he became a discussion in the media when he opined that revealing stock options to executives ahead of the upward momentum caused by news cannot be considered insider trading. He served in the role until 2008.
- The 2010s: After the resignation, Paul Atkins formed a consulting firm named Patomak Global Partners. He again attracted media attention when he became a part of Donald Trump’s 2016 transition team as an adviser. That was a situation similar to the current election frenzy. The only difference was the stocks were soaring to incredible heights instead of cryptocurrencies.
- 2020s: He still continues as the CEO of Patomak Global Partners. After the impact of COVID-19, Patomak has increased its revenue and attracted a large number of global clients. The firm is so successful that it is unclear whether he will leave it and serve the SEC.
Who Are on the List of Cabinet Nominees So Far?
| Role | Name |
| Treasury Secretary | Scott Bessent |
| Secretary of State | Marco Rubio |
| Director of National Intelligence | Tulsi Gabbard |
| Defense Secretary | Pete Hegseth |
| Attorney General | Pam Bondi |
| Labor Secretary | Lori Chavez-DeRemer |
| Commerce Secretary | Howard Lutnick |
| Homeland Security Secretary | Kristi Noem |
| CIA Director | John Ratcliffe |
| Health and Human Services | Robert F. Kennedy Jr. |
| Agriculture Secretary | Brooke Rollins |
| Transportation Secretary | Sean Duffy |
| Veterans Affairs Secretary | Doug Collins |
| Interior Secretary | Doug Burgum |
| Energy Secretary | Chris Wright |
| Education Secretary | Linda McMahon |
| Environmental Protection Agency | Lee Zeldin |
| Housing and Urban Development | Scott Turner |
Final Thoughts
Paul Atkins is an apt candidate for the chairman of SEC. The public is in favor of him, however, he hasn’t yet responded to the public about the meeting with Trump’s team. There is no question about whether he will fit into this role. The ambiguity is regarding which role he will get, and also whether he will accept the offer.
Beyond Atkins, names like Hester Peirce, Chris Giancarlo, Robert Stebbinsare, and Dan Gallagher also roam around as potential candidates for the role. With all these talented personalities, we can hope for a better administration in the nation for the next few years.