- Paul Atkins confirmed as SEC chair with plans to shape clear crypto rules and guide regulatory changes ahead.
- Atkins to step down from Patomak to avoid conflict of interest as he prepares to lead the SEC.
- The SEC drops crypto cases and reverses strict rules as Atkins signals a new direction for digital assets.
The US Senate has confirmed Paul Atkins as the new chair of the Securities and Exchange Commission (SEC). He secured the position with a 52 to 44 party-line vote. Atkins, a former SEC commissioner and crypto supporter, will now replace acting chair Mark Uyeda.
After his presidential win, Donald Trump named Atkins to lead the agency which led to upcoming changes in crypto regulation. Atkins held a previous position at the SEC from 2002 until 2008. Upon leaving office, he established Patomak Global Partners which operates as a consulting firm connecting financial institutions with banking and cryptocurrency industries.
Additionally, Atkins co-chaired the Token Alliance until early 2024. The group actively supported clearer industry standards and regulatory clarity for crypto markets. His confirmation signals a shift in the SEC’s direction, especially with Trump’s ongoing digital asset initiatives.
Trump’s administration earlier launched a Crypto Task Force. It also paused several investigations into crypto firms that started under former SEC chair Gary Gensler. Now, with Atkins leading the agency, clearer regulatory guidelines for crypto companies are expected soon.
Delays Over Financial Ties and Crypto Holdings
Atkins faced several delays during the confirmation process due to financial conflict concerns. He made disclosures showing he holds up to $6 million in various cryptocurrencies. Moreover, he has a stake in Anchorage Digital and Securitize, both of which are crypto service companies.
Nevertheless, the Senate went ahead with the confirmation. However, lawmakers emphasized the need to strike a balance between innovation and robust consumer protections. Atkins, in order to avoid conflicts of interest, plans to resign as CEO of Patomak Global Partners.
This clears the doubt about his impartiality in handling regulatory matters since he leaves the firm. These steps are considered as a necessity to pave the way for public trust in the decisions of the agency for the future.
A New Regulatory Direction for the SEC
During Senate hearings, Atkins emphasized the need for a strong regulatory foundation for digital assets. He also expressed plans to reverse certain enforcement strategies from Gensler’s time as chair. Under Gensler, the SEC had aggressively targeted crypto companies.
Since Gensler’s resignation in January, the SEC has eased its enforcement actions against crypto firms. It dropped cases against Coinbase, Ripple, Uniswap, and OpenSea. The agency also rolled back rule SAB-121, which restricted banks from holding crypto assets for clients.
Final Steps Before Assuming Office
With Senate approval complete, the next step requires President Trump’s signature. Once signed, Atkins will officially take office as SEC chair. His leadership is expected to bring greater clarity to crypto regulations and guide the SEC’s future priorities.
