Genslers Successor: Crypto-Friendly Paul Atkins Confirmed By U.S. Senate To Lead SEC
On Wednesday evening, the U.S. Senate confirmed Paul Atkins, President Donald Trumps pick to run the Securities and Exchange Commission. Atkins is widely expected to embark on establishing a regulatory framework for crypto.
Senate Confirms Atkins As Next SEC Chair
52 Republicans voted to confirm Atkins while 44 Democrats opposed the nomination. After hes sworn in, Atkins will take over from Mark Uyeda, who has been the SECs acting chair after ex-SEC chairman Gary Gensler resigned. Gensler drew the ire of crypto leaders by lodging multiple suits and investigations against crypto companies for alleged violations of federal securities laws.
The incoming chair is expected to have a far different approach to crypto.
In a prepared testimony last month, Atkins, who previously served as an SEC under President George W. Bush, said he would make creating a regulatory framework for digital assets a top priority.
Senate Banking Committee Chair Tim Scott is confident that Atkins would continue the SECs crypto-friendly approach that it has adopted under the Trump regime.
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 quipped.
This comes as the Securities and Exchange Commission has dramatically turned a new leaf in its approach to regulating the crypto sector. Since Genslers exit on Jan. 20, the agency has canceled its highly controversial crypto accounting rule SAB 121, thrown out almost all of its high-profile digital assets enforcement actions, and created a crypto task force to consult with the industry on regulation.
Wednesdays confirmation follows a narrow 13-11 Senate Banking Committee approval on April 3. As reported by ZyCrypto, Trumps pick faced opposition from Democrats, led by Senator Elizabeth Warren, over his ties to the collapsed crypto exchange FTX.
Aktins appointment aligns with President Trumps goal of making the US the undisputed Bitcoin superpower and the crypto capital of the world.
Text source: ZyCrypto
