Paul Atkins Prioritizes Crypto Regulation in SEC Confirmation Hearing
Paul Atkins, the Trump administration’s nominee to chair the Securities and Exchange Commission (SEC), emphasized that regulating digital assets will be a key focus if confirmed.
In prepared remarks ahead of his confirmation hearing today before the Senate Committee on Banking, Housing, and Urban Affairs, Atkins criticized the “ambiguous and non-existent” regulatory framework for crypto, arguing that it has hindered market growth.
“Since 2017, as I have led industry efforts to develop best practices for the digital asset industry, I have seen how unclear regulation creates uncertainty and inhibits innovation,” Atkins stated.
He pledged to work alongside fellow Commissioners and Congress to “provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach.”
The confirmation process includes committee review and a vote before advancing to the full Senate, with the final vote’s timing dependent on the Senate’s schedule.
A veteran of SEC leadership and a proponent of market deregulation, Atkins steps into the role as Washington remains divided on crypto regulation. Under former SEC Chair Gary Gensler, the agency pursued aggressive enforcement actions against major crypto firms, though many cases have since been dropped.
Atkins also criticized the broader regulatory landscape, asserting that “unclear, overly politicized, complicated, and burdensome regulations are stifling capital formation, while American investors are flooded with disclosures that do the opposite of helping them understand the true risks of an investment.” He added, “It is time to reset priorities and return common sense to the SEC.”
Senator Elizabeth Warren (D-MA), a vocal crypto critic and Ranking Member of the Banking Committee, has signaled opposition to Atkins’ nomination.
On March 24, Warren sent Atkins a 34-page letter demanding answers regarding his regulatory failures before the 2008 financial crisis, his advisory role at failed crypto exchange FTX, and potential conflicts of interest from his work with large financial firms. He is expected to respond to these concerns during today’s hearing.
Atkins’ financial disclosures reveal he holds up to $5 million in a crypto investment fund and $1 million in equity across two crypto firms. He and his wife’s combined assets total over $328 million, with most of their wealth coming from his wife’s family.
