Updated on April 10 at 1:41 AM UTC: This piece has been revised to add contextual information about Paul Atkins and to amend the voting tally.
The US Senate has ratified President Donald Trump’s appointee, Paul Atkins, as the head of the Securities and Exchange Commission with a 52-44 vote predominantly following party lines.
Atkins’ confirmation On April 9 follows Trump appointing the pro-cryptocurrency ex-Wall Street advisor to head the agency towards the end of last year. Atkins also acted as an SEC commissioner from 2002 to 2008, throughout the period of the global financial crisis.
“A seasoned member of our commission, we anticipate his collaboration with us and our committed staff to achieve our mission in service of the investing public,” stated the agency’s commissioners. wrote In a statement from April 9.
In 2009, Atkins established the financial advisory company Patomak Global Partners, focusing on regulatory adherence and risk control. She also acted as co-chair for the crypto lobbying organization Token Alliance from 2017 until the end of 2024.
Once he takes his oath, Atkins will succeed Mark Uyeda, who has served as the SEC’s interim chairman since January 20th following the departure of ex-chair Gary Gensler. During Gensler’s term, the SEC initiated numerous legal actions and probes against cryptocurrency companies for purported violations of securities regulations.
Chairman of the Senate Banking Committee, Senator Tim Scott expressed faith that Atkins will keep up the SEC’s crypto-friendly stance that it adopted during the Trump administration.
Atkins will offer clearer regulations for digital assets, enabling American innovation to thrive and guaranteeing our continued competitiveness globally.
During Trump’s tenure, the SEC established a Crypto Task Force To seek input from the industry regarding regulations and halted multiple cryptocurrency-related probes and enforcement initiatives launched under the Gensler-led SEC.
It is anticipated that Atkins will adopt a distinct strategy, informing a Senate confirmation hearing In March, he stated that one of his main priorities at the SEC would be "to establish a solid regulatory framework for digital assets using a logical, comprehensive, and principled method."
Atkins' approval put on hold due to revealed information
The report indicates that Atkins' confirmation was held up because of several financial disclosures He had to file due to his marriage into a billionaire family.
Related: No cryptocurrency project has registered with the SEC and 'made it out alive' — House committee hearing
In 1990, he wed Sarah Humphreys Atkins, whose kin has connections to TAMKO Building Products LLC, a company specializing in residential roofing shingles with revenues surpassing $1.2 billion in 2023, as reported by Forbes. reported In December, the pair has an reported aggregate wealth totaling no less than $327 million.
Certain financial disclosures indicated that Atkins had invested up to $6 million in cryptocurrency assets, encompassing platforms like the crypto custodian Anchorage Digital and the blockchain tokenization firm Securitize, as reported by Fortune. reported last month.
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