In a significant management shift which will alter the company’s place on crypto and digital belongings, Paul S. Atkins has formally assumed his place because the thirty fourth Chairman of the U.S. Securities and Alternate Fee.
The swearing was formally confirmed by an Apr. 21 press launch from the SEC. Atkins was nominated by President Donald Trump on Jan. 20 and confirmed by the Senate earlier this month.
Atkins returns to the SEC after beforehand serving as commissioner from 2002 to 2008 beneath President George W. Bush. He most lately ran Patomak International Companions, a regulatory consulting agency, and has suggested a number of blockchain and fintech startups.
He additionally co-chaired the Token Alliance and served as an skilled witness in crypto-related litigation. Ethics filings present Atkins and his spouse maintain between $327 million and $588.8 million in complete belongings, together with $6 million in digital asset publicity. Earlier than his affirmation, he held stakes in Anchorage Digital, Securitize, and a $5 million LP curiosity in Off the Chain Capital, all of which he has agreed to divest.
“I’m honored by the belief and confidence President Trump and the Senate have positioned in me to guide the SEC,” Atkins mentioned in an announcement. “Collectively we are going to work to make sure that the U.S. is one of the best and most safe place on this planet to speculate and do enterprise.”
Throughout his Senate affirmation listening to in March, Atkins criticized the earlier SEC administration beneath Gary Gensler for being obscure and overly aggressive towards the crypto business. He pledged to cut back political interference, promote clear digital asset rules, and help capital formation.
Trade observers imagine Atkins’ management will mark a significant turning level in SEC coverage away from enforcement-driven actions and towards a clearer regulatory setting. With Atkins on the helm, expectations are excessive for sooner exchange-traded funds approvals, friendlier guidelines for token issuers, and a extra cooperative method to crypto oversight.
His swearing-in comes amid experiences that main crypto companies like Coinbase, Circle, and Paxos are reportedly making ready to use for U.S. banking licenses, inspired by what sources name a extra favorable setting in Washington. A number of ETF functions are additionally awaiting SEC approval.