Former Commodity Futures Trading Commission (CFTC) Chair Timothy Massad has commented on the nomination of Paul Atkins as the next chair of the Securities and Exchange Commission (SEC). Massad said that Atkins' previous involvement in the cryptocurrency ecosystem might lead to a more "favorable" approach towards the sector. These remarks were made during a December 16 episode of the Lunch Hour podcast.
"Paul Atkins is a very experienced, very knowledgeable person," said Massad. "He was an SEC commissioner before. He's been involved in the crypto space. We'll see what direction he takes, but I would expect it to be more favorable to the development of crypto."
On November 21, current SEC Chair Gary Gensler announced his resignation, effective January 20. In a post on X, Gensler described his tenure as SEC chair as "an honor of a lifetime."
According to AP News, lawmakers and crypto industry leaders, including House Financial Services Committee Chairman Patrick McHenry and Coinbase Chief Legal Officer Paul Grewal, have expressed optimism about Atkins potentially assuming leadership at the SEC. McHenry believes Atkins will provide "clarity for the digital asset ecosystem." Grewal noted that "fresh leadership" at the regulatory agency is "sorely needed and cannot come a day too soon."
Roslyn Layton, a senior fellow at the National Security Institute, criticized the SEC's actions under Gensler's leadership. She said that while there were several "non-fraud enforcement actions" against crypto companies, no regulatory guidelines were issued for registering digital assets or determining their status as securities. Layton highlighted that there are no forms, instructions, or published rules for registration. She added that lawsuits by the SEC often seek penalties so large that many companies cannot contest them; however, those able to fight back have revealed significant issues with the SEC’s practices.
Atkins previously served as an SEC commissioner from 2002 to 2008 and worked as a staff member for former SEC chairmen Richard Breeden and Arthur Levitt. He also has experience working as an attorney.
Massad's background includes serving as CFTC chair from 2014 to 2017 and Assistant Secretary for Financial Stability at the U.S. Department of the Treasury. He was also a partner at Cravath, Swaine & Moore LLP. Currently, he is a nonresident senior fellow at Brookings and an adjunct professor at Georgetown Law School.
