Paul Atkins Confirmed as SEC Chair: What It Means for Crypto
It’s official: Paul Atkins is the next chairman of the U.S. Securities and Exchange Commission. The Senate voted 52-44 to confirm the businessman, following what ultimately turned out to be an uneventful hearing. Atkins had sought to differentiate himself from his predecessor Gary Gensler during his testimony, saying:
“Since 2017, as I have led industry efforts to develop best practices for the digital asset industry, I have seen how ambiguous and non-existent regulations for digital assets create uncertainty in the market and inhibit innovation.” He went on to say that one of his top priorities is to deliver a “rational, coherent and principled approach” when establishing rules for the crypto sector to follow.
Senate Banking Committee Tim Scott— another pro-crypto voice on Capitol Hill — was among those welcoming the confirmation, adding:
“Chairman Atkins will also provide regulatory clarity for digital assets, allowing American innovation to flourish, and ensuring we remain competitive on the global stage.” This is significant given how, under the Gensler era, the SEC had long been accused of “regulation by enforcement” — dismissing the entire crypto industry as a “Wild West” rife with fraud. By contrast, Atkins has spent years working as an advisor to some of the biggest businesses in the digital assets space — including crypto exchanges and decentralized finance platforms.
Paul Atkins Net Worth Revealed
Strict disclosure rules mean that candidates for public office must declare their financial holdings. Together, Paul Atkins and his wife Sarah have assets valued at more than $328 million — and according to Bloomberg, this makes him the wealthiest person to become SEC chair in many decades. Of that, a tiny proportion of his wealth is actually tied up in digital assets, and the breakdown looks like this:
- Up to $500,000 in call options at Securitize
- Up to $500,000 in equity at Anchorage Digital
- Up to $5 million in crypto investment fund Off The Chain Capital
All of these assets have needed to be divested as they could amount to a conflict of interest. But his involvement in Securitize, where he served as a board member, is notable. This company has been vying to position itself as a market leader in the tokenization of real-world assets, which is shaping up to be one of the main technological themes of the 2020s.
What Happens Next?
Even before Atkins’ tenure as SEC chair begins, the commission has been busy untangling a lot of the cases that had been initiated while Gensler was still in office. An investigation into Crypto.com has been dropped. The regulator has reached an agreement with Ripple — meaning a years-long lawsuit will now come to an end. Cases against Kraken, Tron, Consensys, Gemini, OpenSea, Coinbase and Robinhood have also been closed.
Meanwhile, it’s been confirmed that “Crypto Mom” Hester Peirce is now going to lead a dedicated taskforce focused on digital assets. Top priorities here include defining whether digital assets are securities, examining what falls inside and outside of the SEC’s jurisdiction, as well as offering clarity on lending and staking. This means that one of the most significant decisions sitting at the top of Atkins’ in-tray concerns whether to approve a flurry of exchange-traded funds tracking the spot price of smaller altcoins — joining ETFs that already exist on Wall Street for the likes of Bitcoin and Ether.
In recent months, a series of applications have been delayed— indicating that SEC officials were trying to buy time before its new chair was appointed. Approval of funds focused on XRP and SOL would be especially significant, as this could open the door to products tracking a multitude of digital assets.
Reaction to Atkins’ confirmation has been warm to say the least. Wyoming Senator Cynthia Lummis says she’s “confident his leadership will bring positive change.” And French Hill, a Republican who chairs the House Committee on Financial Services, expressed hope that he will “undo the harmful, anti-consumer regulations put in place by the Gensler regime.” While there’s confidence that Atkins will help supercharge innovation and remove roadblocks for crypto companies, his arrival might not bring the bullish momentum that investors hope for. The ongoing uncertainty surrounding Donald Trump’s tariffs and the global economy — not to mention a worsening trade war with China — means many of the headwinds facing Bitcoin are well outside of his control.