President-elect Donald Trump has announced key nominations for his administration, signaling a shift in regulatory approaches for the cryptocurrency and technology sectors. Paul Atkins, a well-known crypto advocate, is set to lead the Securities and Exchange Commission (SEC), while Gail Slater, a former Fox Corporation executive and economic policy adviser, has been tapped to head the Justice Department’s antitrust division.
Crypto Gains a Supportive Ally at the SEC
Paul Atkins, who served as co-chairman of the Digital Chamber’s Token Alliance since 2017, is expected to take a more lenient approach to cryptocurrency regulation compared to his predecessor, Gary Gensler. Trump praised Atkins as a leader committed to common-sense regulations, emphasizing his belief in the importance of digital assets and innovation in driving economic growth.
Atkins, a former SEC commissioner under President George W. Bush, is also the founder and CEO of Patomak Global Partners, a consultancy serving financial technology and crypto-related clients. He is widely regarded as someone who favors a hands-off approach to regulating cryptocurrencies, which has raised optimism within the crypto community.
The announcement of Atkins’ nomination had an immediate impact on the market. Within an hour, Bitcoin surged by over $1,000, reflecting investor confidence in the potential for a more favorable regulatory environment under his leadership.
During Trump’s first term, Paul Atkins worked as part of the president’s economic advisory group alongside top CEOs, including those from JPMorgan Chase, General Motors, and Blackrock. His extensive experience in finance and advocacy for crypto-friendly policies positions him as a significant player in shaping the future of digital assets in the United States.
A Tough Stance on Big Tech
In addition to Paul Atkins, Trump has nominated Gail Slater to lead the Justice Department’s antitrust division. Slater is expected to continue the administration’s efforts to hold large tech companies accountable for alleged competition abuses.
Trump has long criticized Big Tech for stifling competition and using its market power to limit innovation and infringe on the rights of smaller players. During his first term, the Justice Department initiated a landmark antitrust lawsuit against Google, accusing the tech giant of monopolizing the online search market. The case, which concluded under the Biden administration, resulted in one of the most significant rulings against a tech company in decades.
Slater, a seasoned policymaker and legal adviser, has a history of tackling antitrust issues in both the tech and pharmaceutical industries. She previously served as a legal adviser at the Federal Trade Commission and played a key role in shaping the Trump administration’s policies on 5G telecommunications, privacy, and cybersecurity.
Her background also includes positions at major tech firms, including serving as general counsel at the Internet Association, a once-influential trade group representing companies such as Amazon, Facebook, Google, and Microsoft. More recently, Slater worked as vice president and deputy general counsel at Roku, adding to her extensive experience in the tech sector.
A Mixed Reaction from Tech and Crypto
While the tech industry may have reasons for concern due to the continued scrutiny of Big Tech, the crypto community has expressed enthusiasm for Trump’s picks. Atkins’ nomination aligns with Trump’s efforts to court the cryptocurrency sector during his campaign, where he promised to implement pro-crypto policies. These included creating a strategic national Bitcoin reserve and retaining seized Bitcoin assets rather than auctioning them.
Paul Atkins’ approach to crypto regulation could pave the way for broader adoption of digital currencies in the U.S., positioning the country as a global leader in the sector. Meanwhile, Slater’s nomination suggests that the administration will maintain its focus on holding tech giants accountable while fostering competition and innovation.
Together, these appointments reflect Trump’s vision for a regulatory environment that supports both technological advancement and market fairness, setting the stage for significant changes in the coming years.
