SEC Top Choice Paul Atkins Reluctant to Replace Gary Gensler?

Paul Atkins, President-elect Donald Trump's rumored choice for SEC chair, is reportedly hesitant to take on the role, citing the daunting task of managing the agency's current state.

Sources familiar with Atkins' thinking suggest he finds the position unappealing due to the extensive work needed to overhaul the SEC, which he believes has been mismanaged under outgoing chair Gary Gensler.

While Atkins met with the Trump team last week and rumours suggest he could be named the next SEC chair, reports of his reluctance raise uncertainty about his acceptance.

Atkins was also seen at Trump's Mar-a-Lago resort this week, where he was reportedly interviewed for the position.

Trump Will Need to Reconsider His Choice if Atkins Decline the Role

Atkins has not yet publicly confirmed whether he will accept the SEC chair role.

Sources close to him suggest that his decision depends on several factors, including the future of his consulting firm, Patomak Global Partners, which he founded and leads as CEO.

Patomak specialises in strategy, risk management, and regulatory compliance, with clients spanning crypto firms, traditional financial institutions, public companies, trade associations, banks, and law firms.

Before establishing Patomak, Atkins served as an SEC commissioner from 2002 to 2008, appointed by President George W. Bush.

During his tenure, he worked alongside future commissioners Mark Uyeda and Hester Pierce.

Atkins is well-regarded in conservative circles and maintains close ties with figures like Scott Bessent, founder of Key Square Group, who is reportedly aligned with Trump's selection of Treasury Secretary.

However, sources indicate that Atkins is hesitant to leave his practice, as assuming the SEC chair would require him to resign from his business interests.

He may only take the role if Patomak is in a position to operate independently without him.

Former CFTC Chair Chris Giancarlo is a strong advocate for Atkins, believing he is the right choice to restore the SEC's credibility, particularly in digital asset regulation.

However, if Atkins decides not to take the role, Trump may turn to other candidates, including current SEC Commissioner Mark Uyeda, former CFTC Chair Heath Tarbert, or Robert Stebbins, a partner at Willkie Farr & Gallagher LLP.

All things considering, there has been no official news from either parties so we can only hold our breath and wait.