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Paul Atkins, the Incoming Chairman of the US Securities and Exchange Commission, is finally slated for a Senate hearing regarding his new role at the Commission.
Leading Crypto Journalist Eleanor Terret reported that Atkins will face the US Senate Banking Committee Next Thursday alongside Jonathan Gould, another Trump Nominee.
If the Senate successfully confirms Paul Atkins, he will succeed the acting Chairman, Mark T. Uyeda.
The Senate Banking Committee would decide if Atkins is fit to succeed Gary Gensler, the last SEC Chairman.
The nomination hearing for Paul Atkins was delayed due to many issues, primarily due to a backlog of nominees to be cleared by the Senate.
Read Also: Paul Atkins’s Confirmation as New SEC Chairman Delayed by Parked Senate Schedule
On Thursday, the Senate Banking Committee will also screen Jonathan Gould, Trump’s nominee to serve in the Office of the Comptroller of the Currency.
The Office of the Comptroller of the Currency oversees US National Banks. Given the rising trend of debunking among crypto founders and companies, this is a key position for crypto firms.
Who is Paul Atkins
Paul Atkins is a veteran of financial regulation and consulting with vast experience in the Public and Private Sectors. He is the current favourite to chair the United States Securities and Exchange Commission and aligns with President Donald Trump’s pro-crypto mantra.
Atkins is the CEO of Patomak Global Partners, a financial services consultancy he founded in 2009.
Work Experience
His proposed role as Chairman of the Securities and Exchange Commission is not his first stint with the Commission.
In 2002, President George W. Bush appointed him as the SEC Commissioner, a role he held for six years.
His six-year stint as SEC Commissioner is highlighted by his advocacy transparency, consistency, and the use of cost-benefit analysis in regulatory decision-making.
He also represented the Commission in high-profile forums, including the U.S.-EU Transatlantic Economic Council, the President’s Working Group on Financial Markets, the World Economic Forum, and the Transatlantic Business Dialogue.
Outside his Commissioner role at the SEC, Atkins worked as the Chief of Staff and Counselor to SEC Chairmen Richard C. Breeden and Arthur Levitt.
Private Sector
Paul Atkins had a successful stint in the Private sector working as a consultant and in the Legal field.
He worked as a partner in PricewaterhouseCoopers (PwC) and Coopers & Lybrand. His role involves advising financial services clients on regulatory and compliance issues.
In the Legal field, Atkins began his career at Davis Polk & Wardwell. He handles corporate transactions such as securities offerings and mergers and acquisitions. He spent two and a half years in the firm’s Paris office, enhancing his international experience.
Paul Atkins Stance on Crypto
Paul Atkins was nominated to chair the US SEC due to his crypto-friendly position.
Besides his professional career, Atkins has played an active role in the crypto industry.
Since 2017, he has been the Co-Chair of the Token Alliance, an initiative of the Chamber of Digital Commerce.
As the Co-chair, he worked to develop industry best practices for digital asset issuances and trading platforms.
Paul Atkins’s perspective on Crypto can be broadly categorized into three.
Drive for Innovation
Paul Atkins has repeatedly called for a regulatory environment that encourages digital asset innovation. He believes regulatory agencies should promote innovation and not stifle it with stringent policies. Atkin’s general view on blockchain and cryptocurrencies borders on the digital assets industry, presenting a transformative opportunity for the Financial world.
Criticism for Stringent Policies under Gensler
Atkin was a vocal critic of Gary Gensler’s regulatory overreach in the Crypto Industry. He called Gensler’s excessive enforcement of crypto companies counterproductive.
A series of legal tussles between the Commission and various crypto startups marred Gensler’s administration. The peak was the SEC vs. Ripple Labs, which dragged on into the new SEC administration.
Crypto as a Legitimate Asset Class
Atkins views cryptocurrencies as a legitimate and growing part of the financial ecosystem.
His nomination by President Donald Trump in December 2024 to chair the SEC was widely celebrated by crypto advocates, who see him as a regulator who understands the potential of digital assets.
Industry leaders, such as Brian Armstrong of Coinbase and the Winklevoss twins of Gemini, praised his appointment, citing his pro-crypto reputation.
The SEC Under Acting Chair Mark Uyeda
The United States Securities and Exchange Commission is transitioning, with an Acting Chair piloting affairs pending Paul Atkins’s confirmation.
Mark Uyeda is the current Acting Chair of the Commission and has been able to implement specific policies that favour the crypto community. The Acting Chair is famously pro-Crypto, and his policies and moves so far are as follows.
Crypto Task Force Launch
The Acting Chair, Uyeda, announced the formation of a Crypto Task Force led by Commissioner Hester Peirce, known as “Crypto Mom” for her pro-crypto stance.
The task force is tasked with developing a comprehensive and transparent regulatory framework for crypto assets, emphasizing collaboration with industry stakeholders, investors, and the public.
Reversal of Gary Gensler Led Policies
Uyeda reversed several Gensler-led policies that he deemed too stringent. He directed SEC staff to reassess a 2022 proposal under Gensler that sought to expand the definition of “exchanges” under Regulation ATS (Alternative Trading Systems) to include certain crypto firms and decentralized finance (DeFi) platforms.
In remarks at the Annual Washington Conference in March 2025, he indicated the agency might abandon the crypto-specific portion of this rule.
Halting New Enforcement Actions on Crypto Firms
Uyeda has signalled a shift from the Gensler-era “regulation by enforcement” approach. He has proposed halting new enforcement actions against crypto firms where there are no allegations of fraud or investor harm, particularly for those that have not registered with the SEC due to unclear guidelines.
So far, Mark Uyeda has aligned with the Trump administration’s pro-crypto policy, which is preparing a soft landing for Paul Atkins pending his confirmation.
Conclusion
Paul Atkin’s pending confirmation by the Senate would usher in an era of increased crypto-friendly policies for the industry, creating positive sentiment for institutional and retail investors.
The Crypto market is on a downward trend, and the Trump administration’s promises to the industry have not had the anticipated impact.
Bitcoin is currently down 22.5% from its all-time high of $108,786 and hasn’t tested the $100,000 mark for over a month.
Trump’s turbulent tariff policies and major hacks on crypto exchanges directly caused the market meltdown.
The market is still in bad shape. The global crypto market is down by 4.2% at the moment.
Paul Atkin’s administration and launching of a Strategic Bitcoin Reserve could help revitalize investors’ optimism and salvage an already dire situation.
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