President-elect Donald Trump's transition team is considering Paul Atkins, a seasoned financial regulator and advocate for digital assets, to lead the U.S. Securities and Exchange Commission.

What Happened: Atkins, a Republican SEC commissioner during the George W. Bush administration, is among the top contenders to replace outgoing SEC Chair Gary Gensler, Bloomberg reported.

Trump's decision on the appointment is expected in the coming days.

Atkins' background positions him as a strong candidate to reshape the SEC's approach to regulation, particularly regarding cryptocurrency and financial technology.

Since leaving the SEC, he founded Patomak Global Partners, a consultancy advising major financial firms, and has testified before Congress on streamlining regulatory processes and reducing unnecessary burdens on the financial industry.

An advocate for digital assets, Atkins has pushed for clear and balanced rules to foster innovation while maintaining market integrity.

Other candidates reportedly under consideration include current SEC Commissioner Mark Uyeda, former CFTC Chair Heath Tarbert, and Robert Stebbins, a partner at Willkie Farr & Gallagher LLP.

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A spokesperson for Trump's transition team, Karoline Leavitt, praised the president-elect's swift decisions in assembling his administration, stating, "Remaining decisions will continue to be announced by him when they are made."

Atkins' potential appointment signals a departure from the regulatory approach under Gensler, who led the SEC with an aggressive stance on crypto enforcement following high-profile failures like the collapse of FTX.

Gensler's tenure drew criticism from the industry for creating uncertainty by regulating through enforcement rather than providing clear guidelines.

Trump, during his campaign, vowed to end what he described as the SEC's "anti-crypto crusade" and promised to appoint crypto-friendly regulators.