Paul Atkins, the Trump administration’s pick to lead the Securities and Exchange Commission, said regulation of crypto will be a top priority if confirmed as chairman.
In prepared remarks ahead of a confirmation hearing Thursday morning before the Senate Committee on Banking, Housing, and Urban Affairs, Atkins took aim at “ambiguous and non-existent” digital asset regulation that 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 said.
“A top priority of my chairmanship will be to work with my fellow Commissioners and Congress to provide a firm regulatory foundation for digital assets through a rational, coherent, and principled approach,” he added.
He is scheduled for a Senate Banking Committee confirmation hearing on Thursday. The confirmation process involves the committee’s review, followed by a vote to advance the nomination to the full Senate for final approval.
The exact timing of the final confirmation vote will depend on the Senate’s schedule and deliberations.
SEC veteran
Atkins, a veteran of previous SEC leadership and an advocate for market deregulation, is stepping into the spotlight as Washington’s approach to crypto remains fractured and politically charged.
Current SEC policy under former President Joe Biden and former Chairman Gary Gensler leaned heavily on enforcement actions against major crypto firms, many of which have since been dropped.
Atkins also criticized the broader regulatory climate, arguing that U.S. markets are being smothered by red tape and politics.
“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 said. “It is time to reset priorities and return common sense to the SEC.”
Senator Elizabeth Warren (D-MA), a vocal crypto skeptic and Ranking Member of the Banking Committee, has already signaled opposition to Atkins’ appointment.
On March 24, she wrote a 34-page letter to Atkins pressing him for further details on his regulatory failures ahead of the 2008 financial crisis, his role as an advisor for failed crypto exchange FTX, and his conflicts of interest from his work with big banks and financial firms. He is expected to address her questions at the hearing.
Atkins owns up to $5 million in a crypto investment fund and $1 million in equity across two crypto firms. He and his wife hold assets totalling a value of more than $328 million, the bulk of which comes from his wife’s family.
Edited by Sebastian Sinclair
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