## Senate Confirms Paul Atkins as Next SEC Chair
On Wednesday evening, the U.S. Senate officially confirmed Paul Atkins, the nominee put forth by President Donald Trump to lead the Securities and Exchange Commission (SEC). Atkins is anticipated to focus on developing a regulatory framework for the cryptocurrency sector. The vote saw 52 Republicans in favor of his confirmation, while 44 Democrats opposed it. Once sworn in, Atkins will succeed Mark Uyeda, who has been serving as the SEC’s acting chair following the resignation of former SEC chairman Gary Gensler. Gensler faced significant criticism from crypto leaders due to his initiation of multiple lawsuits and investigations against various crypto companies for alleged breaches of federal securities laws.
The new chair is expected to adopt a markedly different stance on cryptocurrency. In prepared testimony delivered last month, Atkins, who previously held a position at the SEC under President George W. Bush, emphasized that establishing a regulatory framework for digital assets would be a “top priority.” Senate Banking Committee Chair Tim Scott expressed confidence that Atkins would uphold the SEC’s crypto-friendly approach that was established during the Trump administration. “His tenure will mark a pivotal moment to roll back harmful Biden-era policies, promote capital formation, and enhance opportunities for retail investors. Chairman Atkins will also provide regulatory clarity for digital assets, allowing American innovation to flourish, and ensuring we remain competitive on the global stage,” Scott remarked.
This confirmation comes at a time when the Securities and Exchange Commission has significantly shifted its approach to regulating the cryptocurrency industry. Since Gensler’s departure on January 20, the agency has rescinded its controversial crypto accounting rule, SAB 121, dismissed nearly all of its high-profile enforcement actions related to digital assets, and established a crypto task force to engage with the industry on regulatory matters.
Wednesday’s confirmation followed a narrow 13-11 approval from the Senate Banking Committee on April 3. As reported by ZyCrypto, Trump’s nominee faced opposition from Democrats, particularly Senator Elizabeth Warren, due to his connections with the now-defunct crypto exchange FTX. Atkins’ appointment aligns with President Trump’s vision of positioning the U.S. as the “undisputed Bitcoin superpower and the crypto capital of the world.”
