Key Takeaways
Paul Atkins, nominee for SEC Chairman, plans to establish clear guidelines for digital assets.
Atkins emphasizes the need for coherent regulation to prevent market uncertainty.
Paul Atkins, President Trump’s nominee for SEC Chairman, has pledged to establish clear regulatory guidelines for digital assets if confirmed to lead the agency.
“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,” Atkins stated in his testimony before the Senate Committee.
The Senate Banking, Housing, and Urban Affairs Committee is scheduled to hold an open session hearing tomorrow to evaluate Atkins’ nomination as SEC Chair.
Drawing on his experience leading industry best practices for digital assets since 2017, Atkins highlighted that “ambiguous and non-existent regulations for digital assets create uncertainty in the market and inhibit innovation.”
Atkins, who previously served as an SEC Commissioner from 2002 to 2008, currently leads Patomak Global Partners, a strategy, risk management, and compliance consultancy.
During his earlier tenure at the SEC, he advocated for greater transparency and emphasized robust cost-benefit analyses in regulatory decisions.
“Regulation ideally should be smart, effective, and appropriately tailored within the confines of the regulator’s statutory authority,” Atkins stated. “Clear rules of the road benefit all market participants.”
If confirmed, Atkins said he would prioritize protecting investors from fraud, keeping politics out of securities regulation, and advancing clear guidelines that encourage investment in the US economy.
If the committee approves his nomination, it will proceed to a full Senate vote. With Republicans holding a majority in the Senate, Atkins is likely to be confirmed unless major opposition arises.
Atkins’ confirmation process has been delayed due to extensive financial disclosures related to his family’s wealth and professional ties to crypto exchanges and DeFi platforms.
According to Fortune, Trump’s SEC Chair pick owns up to $6 million in crypto-related investments, including equity in crypto firms like Securitize and Anchorage Digital, and a stake in Off the Chain Capital, a crypto investment fund. He does not directly hold crypto assets like Bitcoin.
As part of his ethics agreement, Atkins has committed to divesting his holdings if confirmed to lead the securities agency.
David Sacks, the White House AI and crypto czar, previously revealed that he had divested up to $200 million in crypto-related holdings before the new administration began.