Donald Trump Controls a Publicly Traded Company. Now He Will Pick Its Regulator.

Trump will be the majority owner of a publicly traded company, Trump Media , when he takes office.

Former SEC officials are concerned about how Trump could try to use the agency to go after the foes of his company.

They worry that the SEC isn't up for the job of taking on Trump Media should it run afoul of securities laws.

The SEC is part of the executive branch but operates independently of the White House .

Presidents appoint the agency’s chair, who leads a five -member commission that includes members of both parties.

If Trump tries to make enforcement demands of the SEC , as he did in his first term, SEC officials would face a choice: either ignore the president and risk his wrath, or follow his orders.

Last month , the Financial Times reported that Trump Media is in talks to buy a crypto trading venue called Bakkt .

On Wednesday , Trump announced his nominee to chair the SEC : Paul Atkins , a Bush -era SEC commissioner who has spent the last seven years as co-chair of a crypto advocacy group.

Deregulating crypto was a theme of Trump ’s campaign.