US senators have confirmed Donald Trump’s pick, Paul Atkins, as the next Chairperson of the Securities and Exchange Commission (SEC). His confirmation comes a few months after the US President nominated him to lead the regulatory agency last year.
SEC Commissioners Welcome Atkins
Atkins had been working as a financial consultant for various companies since leaving his SEC Commissioner role in 2008. Following his confirmation, the commissioners at the agency released a statement on Wednesday evening, saying they were looking forward to working with him.
Once Atkins is sworn in, he will take over from SEC acting Chair Mark Uyeda, who has been holding the position since January 20th, after ex-Chair Gary Gensler resigned. Under Gensler’s leadership, several crypto companies were targeted, with some forced to pay millions in penalty fees to settle charges.
Also read:Senators Say Atkins’ Leadership Could Spur Growth in Crypto
However, Senator Tim Scott has expressed optimism that Atkins will take a friendly approach toward crypto to help Trump realize his dream of making America the world’s crypto hub. Similarly, Senator Cynthia Lummis says she is confident that Atkins’s leadership will bring vital changes that promote blockchain innovations in the United States.
It is worth highlighting that the SEC, under Trump’s administration, has taken numerous commendable actions. For instance, the agency has adopted a collaborative approach, consulting with crypto players regarding regulation. Additionally, the SEC has dropped almost 90% of enforcement actions leveled by Gensler’s regime.
Why the Senate Took Long to Confirm Atkins
According to various reports, the US Senate delayed Atkins’ confirmation because he failed to file certain financial disclosures tied to his wife, Sarah Humphreys, who comes from a billionaire family that owns TAMKO Buildings Products, a producer of residential roofing shingles.
Meanwhile, other financial disclosures show that Atkins and his wife have a combined net worth of $325 million. Furthermore, the incoming SEC Chair owns crypto investments worth at least $6 million. Notably, he has an interest in crypto custody company Anchorage Digital. He is also an investor in Securitize, a platform for tokenizing real-world assets.
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