One hallmark of the Gensler SEC was to regulate through enforcement, particularly in cases where there may have been no explicit governing rules. That approach raised understandable resistance from the securities industry specifically and the business community more broadly. Not surprisingly, President-Elect Donald Trump’s nomination of Paul Atkins to replace Chairman Gary Gensler was met with applause by the broader business community, in part, with the hope that the new chairman will take a less hostile approach than his predecessor. It is well known that Atkins was the founder of Patomak Global Partners, a firm that consulted to the securities industry and other market participants. Indeed, the digital asset and crypto community has been supportive of the pick in large measure because the chair nominee has been a vocal supporter of innovation and crypto.

But how “friendly” will Atkins actually be toward the securities industry? His public statements since he left the SEC in 2008, when he finished his term as a commissioner, provide clues.