The U.S. Senate has confirmed Paul Atkins as the new chairman of the Securities and Exchange Commission (SEC). He was nominated by former President Donald Trump in December and is expected to focus on developing a regulatory framework for digital assets. The appointment was approved by 52 senators, with 44 voting against.
New SEC Direction Following Gensler’s Departure
During his Senate Banking Committee hearing, Atkins stated that creating rules for cryptocurrencies would be his “top priority.” His remarks come as the SEC shifts its stance following the departure of former chairman Gary Gensler, under whom the regulator maintained a hardline approach to the crypto industry.
Since the beginning of the year, the SEC has already withdrawn controversial accounting guidance on digital asset custody, dropped several lawsuits against major market players (including Ripple, Crypto.com, Kraken, Consensys, Cumberland DRW, and others), and established a Task Force on cryptocurrencies. The group’s second meeting is scheduled for Friday.
Republicans Hope for a Policy Shift
South Carolina Senator Tim Scott, chair of the Banking Committee, expressed confidence that with Atkins’ arrival, the SEC would return to its core mission — protecting markets and investors. A similar view was shared by Representative Tom Emmer, who said that “Gary set the bar very low,” and expressed hope that the new chairman would raise it.
Wyoming Senator Cynthia Lummis noted that she had already met with Atkins to discuss crypto legislation and blockchain initiatives in her state. According to her, the new chairman understands the need to reform the regulatory process.
Industry Expectations
The crypto community has reacted to Atkins’ appointment with cautious optimism. Wave Digital co-founder Les Borsai stated that the new SEC chair understands the difference between protecting investors and stifling innovation. In his view, under Atkins, the commission may finally stop using its authority as a weapon and return to its role as a market protector.
Who Is Paul Atkins
Paul Atkins is the founder of consulting firm Patomak Global Partners, whose clients include banks, crypto exchanges, and DeFi projects. He previously served at the SEC from 2002 to 2008, appointed by President George W. Bush.
However, his experience in the private sector has drawn criticism from some Democrats. Senator Elizabeth Warren stated during the hearing that Atkins “helped billionaire fraudsters like Sam Bankman-Fried get richer” after leaving public office. According to the Wall Street Journal, the now-bankrupt exchange FTX was indeed a client of Patomak in 2022.