The US Senate has voted 51-45 to proceed with Paul Atkins’ nomination as the new Securities and Exchange Commission (SEC) Chair. With the SEC leadership in place, investors can expect urgency in making clear rules for Solana, Ripple, and Dogecoin ETFs.
The upper chamber will have a final vote on the nomination, possibly as early as this evening.
Paul Atkins Confirmed As New SEC Chief
Atkins is a former SEC commissioner and was approved by the Senate on Wednesday evening. President Donald Trump had nominated Atkins, a Wall Street consultant to head the SEC, describing him as a proven leader for common sense regulations. Trump had spoken of Atkins in high praise, stating,
“He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World.”
Atkins served as a commissioner with the SEC from 2002 to 2008 but now takes over the agency mandated to enforce laws against market manipulation.
“NEW: The Senate has voted (51-45) to proceed with a vote on Paul Atkins’ nomination to the SEC. The upper chamber is now set to move forward with a final vote on Atkins potentially as soon as this evening.”
Mark Uyeda has been holding fort as the Acting Chair of the SEC until now and has changed how the commission approaches crypto. Uyeda has overseen the settlement with Ripple and eased the agency’s tough enforcement approach. With Atkins’ confirmation, Uyeda is set to step aside, marking the beginning of a new era for SEC policy and direction.
A New SEC Approach
The SEC under Atkins is expected to reduce corporate disclosures, cut back on regulation, and adopt a friendlier approach to crypto, particularly after previous SEC Chair Gary Gensler adopted a strict approach to the industry through regulation by enforcement. Gensler was SEC Chair for almost the entirety of Joe Biden’s presidency, but stepped down ahead of Trump’s inauguration, stating that the SEC had met its mission and enforced the law without fear or favor. Senate Banking Committee Chairman Tim Scott praised Atkins’ confirmation and issued the following statement.
“Paul Atkins brings a wealth of experience and dedication to safeguarding our capital markets. 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. I look forward to collaborating with Chairman Atkins to reignite our capital markets, which are vital for economic growth, job creation, and innovation.”
What The Crypto Ecosystem Expects
Atkins comes with a wealth of experience in regulations due to his time as an SEC commissioner from 2002 to 2008. Investors view him as a pro-innovation and market-friendly person, unlike his predecessor. Atkins is the CEO of Patomak Global Partners, which he founded in 2009. The company’s clients include banks, crypto exchanges, and DeFi platforms. As an SEC commissioner, Atkins pushed for policies that could boost economic growth. He also has a reputation for being a proponent of deregulation in financial markets, with industry experts expecting reduced bureaucratic hurdles and increased innovation in the sector.
Democrats Find Fault
However, some industry experts are worried that deregulation could impact market stability. During last week’s meeting to discuss the nominations, the votes were 13-11, allowing the nomination to move forward. Democrat Senator Elizabeth Warren pushed back against Atkins’ appointment due to his ties with the now-collapsed FTX and President Trump’s conflict of interest due to his new meme coin. Several reports have claimed that FTX was a client of Patomak Global Partners, with the firm becoming an assistant to FTX in early 2022. FTX filed for bankruptcy at the end of 2022, with CEO Sam Bankman-Fried convicted of seven criminal charges.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2025/04/senate-votes-to-move-forward-with-paul-atkins-nomination-to-the-sec