Paul Atkins, President Donald Trump’s pick for the next chair of the Securities and Exchange Commission (SEC), has hit Capitol Hill, making the rounds and stopping at key offices to drum up support for his confirmation.
Atkins is no stranger to the SEC or financial regulation. He’s meeting with some of the biggest names in Congress, starting with Senator Tim Scott, the chair of the Senate Banking Committee. This is the first major move in what’s expected to be a complete makeover of the SEC’s approach to digital assets and financial markets.
Scott released a statement praising Atkins’ long career in financial regulation and his commitment to policies that promote capital formation and job creation. He also called out the damage caused by former SEC chair Gary Gensler, saying Atkins’ leadership is exactly what the SEC needs to turn things around.
“I look forward to working with my colleagues to quickly consider his nomination,” said Scott.
Crypto lovers rally for Atkins
Atkins also sat down with Senator Cynthia Lummis, the loudest crypto supporter in Congress. Lummis tweeted about their meeting, saying they talked about overhauling the SEC’s rulemaking process and passing meaningful digital asset legislation.
In a nod to Atkins’ name, she joked about putting the SEC on an “Atkins diet,” a clear shot at the agency’s heavy-handed regulation under Gensler. Atkins has built a reputation as someone who understands crypto. He first invested in Bitcoin in 2013. His nomination is being hailed by everyone in the industry.
But Atkins has a history with the SEC that goes back decades. He first joined as a staff member under former chairs Richard Breeden and Arthur Levitt, where he worked on corporate governance reforms. Later, he served as an SEC commissioner from 2002 to 2008 during George W. Bush’s presidency.
His tenure was filled with efforts to balance regulatory oversight with market innovation, a philosophy he’s carried into his post-SEC career. After leaving the agency, Atkins founded Patomak Global Partners, a consulting firm focused on the financial and crypto markets.
He’s been an outspoken advocate for blockchain technology, repeatedly calling for global regulatory frameworks. It’s no surprise, then, that Trump nominated him on December 4 as part of his push to make the U.S. a leader in crypto innovation. The market responded immediately. Bitcoin prices skyrocketed, hitting $100,000 for the first time ever.
But while he has strong allies in Scott and Lummis, there are still questions about how his leadership will address ongoing issues in the crypto industry, including fraud, market volatility, and high-profile collapses like FTX.
The SEC itself is a divided institution, with some pushing for stricter oversight and others advocating for a lighter touch. Atkins will need to find a way to bring clarity to the agency’s approach without alienating either side.
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