President-Elect Donald Trump chose Former Commissioner of the U.S. Securities and Exchange Commission Paul Atkins to chair the Securities and Exchange Commission. Atkins would replace current SEC Chair Gary Gensler, who is set to depart on January 20, 2025. Sheila Bair, Former Chair of the FDIC and Former Assistant Secretary of the US Treasury for Financial Institutions, sat down with Yahoo Finance’s Julie Hyman and Josh Lipton to talk about how Atkin’s would fit as SEC Chair. "It’s a good choice. It’s a relief. I think he’s very solid philosophically," says Bair. "I think he will be very in line with the president-elect. But he’s a seasoned hand. He understands the need for regulation." Bair also talked about what Atkins should do as SEC Chair when it comes to crypto regulation. "It’s kind of a cesspool out there right now, people," says Bair. "Because there is a lot of illicit use of it. There’s a lot of illicit use of the banking system as well. But having a federal regulatory regime that helps the good players develop and keeps out the bad actors, I think that’s really what the objective that you should pursue." Watch the video above to hear Bair’s full take on Trump’s pick of Atkins for SEC Chair.
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