Senate Banking Committee Advances Paul Atkins to Lead SEC 13-11
On Thursday, the U.S. Senate Banking Committee voted 13–11 to advance businessman Paul Atkins—former SEC commissioner and President Donald Trump’s nominee—to lead the Securities and Exchange Commission (SEC), as part of wider regulatory reform efforts.
Paul Atkins Moves Forward as Trump’s Pick for SEC Chair
The committee’s decision on Atkins, who served as SEC commissioner from 2002 to 2008, was approved in a 13–11 vote. His nomination moved forward alongside Jonathan Gould, tapped to lead the Office of the Comptroller of the Currency (OCC).
“Paul Atkins, the former SEC Commissioner, will promote capital formation and provide much-needed clarity for digital assets,” Chairman Tim Scott (R-SC) said. “Under his leadership, the SEC will return to its core mission and will ensure our markets remain the envy of the world.”
Paul Atkins and the SEC: A Shift in Direction
However, some lawmakers voiced strong opposition to Atkins replacing former SEC Chair Gary Gensler. Senator Elizabeth Warren criticized the nomination in an April 3 statement. “Mr. Atkins was dead wrong in the lead-up to the worst financial crisis in a generation and he has 20/0 hindsight about those mistakes,” she said. “He has spent his post-government career helping billionaire scammers like CEO Sam Bankman-Fried get even richer.” Paul Atkins began his career as a corporate lawyer and later co-chaired the Chamber of Digital Commerce’s Token Alliance. He has been viewed by some as a crypto-friendly candidate for the SEC role.
Crypto Holdings and Past Affiliations Under Scrutiny
Just last week, reports revealed that Paul Atkins currently holds nearly $6 million worth of digital assets. During a March 27 nomination hearing before the Senate Banking Committee, Senator John Kennedy questioned Atkins about Sam Bankman-Fried and his family’s potential financial ties to the failed FTX exchange. Atkins stated he was “concerned” about reports that Bankman-Fried’s parents and Stanford University may have profited from the collapse of crypto exchange FTX. With the Senate Banking Committee’s approval, Paul Atkins now awaits a full Senate vote to confirm his appointment as SEC Chair. If confirmed, his leadership would mark a departure from the SEC’s recent regulation-by-enforcement approach to digital assets under the Biden administration.