- US Senate Banking Committee voted 13-11 in favor of Paul Atkins’ nomination
- He previously served as an SEC commissioner from 2002 to 2008
- Atkins’ nomination didn’t get approval from Democrats
Today, the US Senate Banking Committee voted 13-11 along party lines to advance President Donald Trump’s nominee, Paul Atkins, for SEC Chair. The nomination now proceeds to the full Senate approval for a confirmation vote. In addition, Jonathan Gould has been picked as the US Comptroller of the Currency.
Paul Atkins previously served as an SEC commissioner from 2002 to 2008, where he was known for advocating deregulatory policies. His nomination has been met with both support and criticism.
Republican Senator Tim Scott praised Atkins for his experience and his stated intent to depoliticize financial regulation and provide clarity for digital assets.
Support Clashes with Concerns Over Past, Potential Conflicts
On the other hand, Democratic Senator Elizabeth Warren expressed concerns, citing Atkins’ past regulatory decisions and potential conflicts of interest due to his advisory roles in the financial sector. She also referenced the current administration’s efforts, with billionaire Elon Musk’s support, to “shut down entire government agencies” along with mass layoffs of government workers.
Warren also said she would not vote to confirm these administration officials when Trump and Musk are actively destroying government agencies.
The panel also approved nominations for Luke Pettit (Treasury assistant secretary) and Marcus Molinaro (federal transit administrator) today.
Confirmation Outlook Potential Crypto Shift
With the committee’s approval, Atkins’ nomination proceeds to the Senate floor, and given the Republican majority, his confirmation is expected. Still, debates may continue regarding his regulatory philosophy and past affiliations.
In the past, Atkins has indicated that digital assets would be a top priority under his leadership at the SEC. He has criticized previous regulatory approaches to cryptocurrencies and expressed his support for establishing a rational regulatory framework to foster innovation while ensuring investor protection.
Naturally, these words were more than enough to be thoroughly welcomed by many in the crypto industry who anticipate clearer guidelines and increased institutional adoption.
If his words prove to be true, Atkins’ potential confirmation as SEC Chair could shift the agency’s focus toward innovation-friendly policies, especially for cryptocurrency, amid ongoing SEC legal battles like the $150 million lawsuit against Elon Musk.
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