Jay Dubow, co-leader of Troutman Pepper’s Securities Investigations + Enforcement Practice Group, was quoted in the December 4, 2024 PlanAdviser article, “Trump Picks SEC Alum to Chair Regulator.”

“I think his more recent involvement in the crypto space was certainly a positive in his being selected—that was certainly sending a message with the choice,” says Jay Dubow, a partner in Troutman Pepper and a former SEC branch chief of its division of enforcement.

Dubow says other regulatory bodies, such as the Consumer Financial Protection Bureau, may weigh in on how digital assets are regulated, and it could be an area eventually taken up by Congress. Whatever the approach, Atkins’ nomination signals a move toward further market incorporation of cryptocurrency, says Dubow, noting that “there does need to be new regulations, but you will likely see ones that will be more attuned to the industry.”

Troutman Pepper’s Dubow says the Atkins pick was not a surprise among SEC watchers, as his name had been floated as a conservative who worked on the commission under a Republican administration. When looking back at the Clayton SEC, Dubow notes the focus was more on protecting retail investors from fraud cases, a contrast, he says, to Gensler’s SEC.

“This SEC brought a number of enforcement cases where there wasn’t necessarily direct harm to investors, but, rather, the SEC was alleging control violations,” he says. “There was a lot of focus on internal controls and enforcement in those areas.”