Paul Atkins Returns to SEC Helm as Trump Reasserts Influence Over Agency Watchdog

Briefly

Atkins was sworn in as SEC chair after a 52-44 Senate vote earlier this month confirmed his seat.
The brand new chairman owns as much as $6M in crypto and helped develop digital asset trade requirements.
Over 70 crypto ETF functions are in line for him to resolve on because the SEC shifts from the Gensler period

Paul Atkins was formally sworn in because the thirty fourth Chairman of the Securities and Change Fee on Monday, bringing a crypto-friendly method that contrasts along with his predecessor’s aggressive enforcement technique.

Atkins vowed to push the SEC’s “mission to facilitate capital formation; keep honest, orderly, and environment friendly markets; and defend traders.”

In an affidavit delivered earlier than his Senate confirmation, Atkins said his time in public service and within the non-public sector allowed him to “see first-hand how rules, together with these of the SEC, have an effect on markets and traders.”

Precisely 52 Republicans voted for his nomination, whereas 44 Democrats opposed.

Atkins’ non-public sector management contains founding Patomak International Companions in 2009, creating requirements for the digital asset trade. Atkins stated he’d resign from Patomak inside 90 days of affirmation.

Late final month, Senator Elizabeth Warren (D-MA) wrote to Atkins, demanding he make clear Patomak’s advisory position to crypto corporations, together with the now-defunct FTX alternate.

Unclear regulation “creates uncertainty and inhibits innovation,” Atkins informed the Senate. He promised to information the SEC “via a rational, coherent, and principled method.”

Atkins replaces Gary Gensler, who sued numerous crypto firms through the Biden period for alleged securities violations.

Beforehand performing Chair Mark Uyeda and Commissioner Hester Peirce have already moved to dismiss most of those, whereas additionally clearing meme cash and crypto mining from securities oversight.

Criticizing Biden-era rules as “unclear, overly politicized, difficult, and burdensome,” Atkins has signaled a deregulatory method to the market.

Wall Road’s finest

Monetary disclosures for his candidacy reveal Atkins holds as much as $5 million in digital-asset funding agency Off the Chain Capital LLC, the place he’s a restricted associate.

Atkins has a mixed internet value of roughly $327 million, together with assets and equities from his heiress spouse, making him one of many wealthiest to carry the SEC chair in many years.

President Trump’s SEC picks, past Atkins, present a constant sample of choosing people with sturdy Wall Road connections and a observe file of dealing with monetary trade issues.

In his first time period, Trump picked Jay Clayton, who served at Sullivan & Cromwell, a distinguished legislation agency with deep ties to Wall Road. On the legislation agency, Clayton represented prime monetary corporations, together with Goldman Sachs, Deutsche Financial institution, Barclays, Bear Stearns, and UBS.

The Atkins-led SEC now faces selections on over 70 crypto-related ETF functions, with crypto belongings starting from Solana and XRP to Dogecoin and MELANIA.

“Gonna be a wild 12 months,” Bloomberg senior ETF analyst Balchunas said on X.

Edited by Sebastian Sinclair