Paul Atkins has officially assumed the position of Chair of the U.S. Securities and Exchange Commission (SEC), becoming the 34th head of the agency. The SEC announced this on April 21. His nomination was confirmed by the Senate on April 9 with a vote of 52 to 44.
Atkins previously served on the Commission from 2002 to 2008. In his first public statement after taking office, he expressed gratitude for the trust placed in him and stated his intention to ensure the stable functioning of the markets, strengthen investor protection, and promote capital formation in the United States. According to him, the SEC must remain the country’s leading regulatory body, creating a secure environment for investment and business.
A More Favorable Approach to Cryptocurrencies Expected
It is anticipated that under Atkins, the regulator will take a more favorable stance toward the crypto market than under his predecessor, Gary Gensler, who led the SEC during Joe Biden’s administration.
Atkins’ confirmation process was delayed due to the need to disclose financial information following his marriage into a billionaire family. According to reports, among the assets subject to disclosure were cryptocurrency investments worth up to $6 million — including stakes in Anchorage Digital and Securitize, which focus on custody and tokenization of blockchain-based assets.
What the Crypto Market Expects From the New SEC
One of the key areas of focus for the SEC under Atkins’ leadership will be the review of a large number of applications for cryptocurrency exchange-traded funds (ETFs). According to Bloomberg, the Commission is currently reviewing more than 70 such applications covering a wide range of assets — from XRP and Litecoin to meme tokens like Dogecoin and 2x Melania.
Bloomberg ETF analyst James Balchunas described the situation as a “wild year” and emphasized that applications are being submitted for a wide variety of products. His colleague James Seyffart in February referred to the wave of filings as a “spaghetti effect,” where issuers submit as many applications as possible in the hope that some will be approved by the new SEC.
Changes in Regulatory Approach
Atkins’ appointment comes amid a potential shift in SEC policy. The agency has already withdrawn a number of lawsuits initiated under Gensler, including cases involving Coinbase, Consensys, Gemini, Ripple, OpenSea, Uniswap, and other companies. Additionally, in January the Commission created a special Crypto Task Force to engage more closely with industry stakeholders.
These steps may signal the beginning of a new phase in the U.S. regulatory approach to digital assets.
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