Paul Atkins, nominated by President Donald Trump, officially became the new chairman of the U.S. Securities and Exchange Commission (SEC) after being confirmed by the Senate with a vote of 51 to 45.
The confirmation was made through a vote on April 9 (local time), proceeding along party lines. Atkins, from Wall Street, was nominated by President Trump late last year and is known to be pro-cryptocurrency. He previously served as an SEC commissioner from 2002 to 2008 during the global financial crisis. The current SEC commissioners stated on the same day, "We welcome the joining of our veteran and colleague Atkins."
Before returning to the SEC, Atkins established the financial regulatory consulting firm Patomak Global Partners and served as its representative for 15 years. He was also the co-chair of the Token Alliance, a non-profit coalition in the cryptocurrency industry, from 2017 until recently. Upon officially taking office as the new chairman, he will replace Mark Uyeda, who has been serving as acting chairman since mid-January. His predecessor, Gary Gensler, had been causing conflicts with the industry by filing securities law violation charges against numerous cryptocurrency companies.
Senator Timmy Scott, chairman of the Federal Senate Banking Committee, welcomed the confirmation, stating, "Chairman Atkins will strengthen the United States' innovation capabilities and contribute to securing global competitiveness by providing regulatory clarity on digital assets."
Prior to Atkins' appointment, the Trump administration had strengthened its pro-cryptocurrency stance by establishing the 'SEC Cryptocurrency Task Force' and adjusting the level of investigation and sanctions that occurred under Gensler's regime. Atkins himself had previously indicated a forward-looking attitude during his Senate confirmation hearing in March, presenting the "establishment of a reasonable and consistent regulatory framework for digital assets" as his top priority.
However, his confirmation was temporarily delayed due to the disclosure of financial documents. His wife, Sarah Humphreys Atkins, is from the inheritance family of TAMKO Building Products, a building materials company with annual sales of $1.2 billion. According to Bloomberg, the couple's total assets are estimated to be at least $327 million.
His cryptocurrency holdings, revealed in the ethics disclosure report, also drew attention. Atkins was found to hold approximately $6 million worth of shares in virtual asset-related investments, including Anchorage Digital and Securitize, a blockchain-based securities token issuance platform.
The industry is watching whether the new SEC leader will shift policy direction and establish a clear regulatory framework for the digital asset market.
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